BTC close to a reversal

Hello Everyone.
Let's dive deep into BTC today.
We have a very interesting set up at this level. BTC have been moving in an uptrend channel for the past 10 years. We can appreciate that BTC is now flirting with the lower boundary of the channel providing Maximum risk reward ratio. During previous bear markets the bottom trendline of the channel has worked as a strong pivotal point providing support and a level to look for a potential reversal. Probabilities also improve if we apply Elliott Wave analysis. We can appreciate that BTC have suffered a truncation at 70k with the early end of wave 3 of the last cycle. EW suggest that a point of interest for a retracement is the 0.382-0.5 fib level of the previous wave. This is perfectly in line with the current level and previous low of 17k. We can also apply the measurement fib extension tool to see if there is any other level of interest which is in line with the current level. We can see that this last move is the 1.3 fib extension of wave A from the end of wave B which project us to were BTC is standing now. I know there are some warning signs at this level as BTC lost the 208 MA support. However, the mean (208MA) still on upward slope suggesting that the secular trend has not reverted its course yet but instead we are still in a secular bull market.
If we go deeper looking at the oscillators and other indicators we can see that the RSI have now crossed up the oversold band from a deep low giving a possible buy signal. Also we are now approaching the RSI bear market trendline, which if penetrated will give a strong buy signal.
Looking at the DMI we can see that as per now we are looking at a swing failure with a possible Lower High if we pivot at this level. This would also signal that bear momentum is dissipating and bulls are slowly gaining control.
Last but not least is the volume. I personally do not like to look at volume on Bitstamp as I believe it is misleading as it is a low volume exchange compared to coinbase, binance and FTX. Nevertheless we can see we had to above average spike in volume back in May and June, which suggest a possible bear market climax, followed by a below average volume in the next few moves. This suggest interest as dissipated in the market and supply has stalled. These are great conditions for a reversal. If we were to look at Binance however we would notice that volume has actually increase substantially at these levels, increasing the possibility of an accumulation phase at these levels.
Nevertheless there is a possibility that we will see one last spike of volatility to the downside, which if it happen will be very quick and painful but I see it unlikely to actually stay below 17 k for a long time, it will be more probably a spring, or spike pattern.
This level meet my criteria for a long position and possible reversal, hence I am now looking to position myself at these levels.
In case we were to lose the previous peak support at 18900, then I would switch to dry powder and wait on the sideline until a reversal pattern unfold.
I hope you enjoyed the analysis and do not hesitate to contact me if you have any question.
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