Bitcoin: the current structure is very probably here.
Updated
I would say Bitcoin is at this equivalent area of the previous bear market.
The two daily candles look very similar
If i am correct, this should normally be the wave 3 of the main structure since the 20k
The wave 3 generally does not react to the oversold Rsi (which happened so far), and always produces a weak bounce higher (the wave 4), and then, the wave 4 bounce is followed by a wave 5 that generally forms a lower low (new low for this bear market).
We should quickly see if i am right or wrong, in a matter of weeks or 1/2 months.
If i am wrong this is most probably the bottom of the market (which is imo not likely)
If i am right then Bitcoin will head to new lows, the supports have not changed, and the Descending triangle Target of 2970$ is still valid.
Then if this area breaks by the downside (i am open to every possibility), then the other support below could be hit.
Take care
The two daily candles look very similar
If i am correct, this should normally be the wave 3 of the main structure since the 20k
The wave 3 generally does not react to the oversold Rsi (which happened so far), and always produces a weak bounce higher (the wave 4), and then, the wave 4 bounce is followed by a wave 5 that generally forms a lower low (new low for this bear market).
We should quickly see if i am right or wrong, in a matter of weeks or 1/2 months.
If i am wrong this is most probably the bottom of the market (which is imo not likely)
If i am right then Bitcoin will head to new lows, the supports have not changed, and the Descending triangle Target of 2970$ is still valid.
Then if this area breaks by the downside (i am open to every possibility), then the other support below could be hit.
Take care
Note
There is some decent probabilities the news will soon give a criminal aspect to Bitcoin, or a very negative view about it (it is dead, it is dying, it will be banned, it has no future, it is the worst investment ever, ...)This is where i will probably start to think about adding some to my portfolio as an investment.
But the wisest move as an investment, is to again wait for the crossing of the daily and weekly moving averages, and see if Bitcoin uses them as a support
This thing could collapse and hit the 400$, 200$ (i do not think it is likely at all), it is part of the possibilities of this market.
And nobody wants to be trapped in a collapsing asset.
Better buying wisely than gamble buy the dip?
Take care
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