BTC - First Initial Capitulation Very Likely Over
It took 3 months for btc to finally capitulate completely. I still expect btc to remain in this price area, maybe even set double or slightly lower bottom to really scare the last weak hands off. By now it is safe to say that 30k will hold for now. Like i sad many times now, expect some kind of an ABC retracement back into 55k zone. We could also just go into the retracement right from here but usually bottoms get re-tested, like we saw in the summer 2021.
As far as fib. retracement levels go, when ABC retracements come after initial rejection from the ATH, you typically see the A wave going near the 0.618 level and wave C going to 0.702 where we should expect massive rejection of some kind, taking us well below 30k.
Alt season is still expected during an ABC retracement of btc price.
I am not a financial advisor so non of this should be taken as a financial advice. Be well.
BTCUSDC
As far as fib. retracement levels go, when ABC retracements come after initial rejection from the ATH, you typically see the A wave going near the 0.618 level and wave C going to 0.702 where we should expect massive rejection of some kind, taking us well below 30k.
Alt season is still expected during an ABC retracement of btc price.
I am not a financial advisor so non of this should be taken as a financial advice. Be well.
BTCUSDC
Comment:
You cann see how an ABC retracement has respected fib. retr. levels after btc initially fell in 2018.
