Been calling $12.5 for a couple weeks now, and a few things making this setup perfect.
1. It's reaching this level in extreme oversold conditions
2. Overall market on fire at ATH rn.
3. Santi Claus is coming?
Looking for a really nice monthly bounce. Below are my targets, and whether or not I take profit at 1 or 2 depends on how we get there.
We are now near the bottom of the previous wave 4 of one lesser degree, and IMO it's about time for shorts that have rode this down to take their profits and flip long.
I've updated my count and I now have A as a leading diagonal, and I have this whole correction as a standard ZigZag. Whatever we have here is in 3 waves, and this count seems to work, especially...
Bitcoin is reacting to indicators much more in log scale. Notice the retracement to 3k was a perfect touch to the .382, and note the reaction to the median lines on this most recent run.
Some wave analysts are calling this the middle of a wave 4 correction; possible triangle. This would make my area of confluence of $5600 a great place for a bounce.