BTC correction almost done
Looking from chart pattern perspective we have falling wedge, which is also confirmed with volume decline. That pattern is very bullish. It's important to understand why is falling wedge bullish, and the reason is that as price going down and closer to APEX (point where two lines cross each other) there is less sellers and "shorters". After BTC hit 20k many thought that it's overpriced and top of that wave is there. So many started to sell and short market. That caused price to go from 20k to ~11k (wave A of ABC correction). After that first drop we have nice B wave up, which we also can call a bull trap or complacency. This was an opportunity to get out of the short term bear market (correction). And many do that which caused price to drop again, and as the price dropping lower there are less sellers and more buyers. Because BTC is not overbought anymore but oversold. And the closer we get to that apex (7-8k) the less sellers and more buyers will be and from that price will skyrocket.
Many things are pointing that, not only falling wedge pattern. Elliot waves are in wave C of ABC correction (Zig Zag), which have 5 waves of wave A, 3 waves for wave B and 5 waves for wave C.
Another thing that pointing out that correction is near is very important Fibonacci level of 0.618 which overlaps with the apex of falling wedge!
Higher time frame (1W,3D) Stoch RSI is on the floor. Daily still have room to go down which also pointing out that we will have one more lower low (7-8K). After that momentum should turn around and move the price up.
Many things are pointing that, not only falling wedge pattern. Elliot waves are in wave C of ABC correction (Zig Zag), which have 5 waves of wave A, 3 waves for wave B and 5 waves for wave C.
Another thing that pointing out that correction is near is very important Fibonacci level of 0.618 which overlaps with the apex of falling wedge!
Higher time frame (1W,3D) Stoch RSI is on the floor. Daily still have room to go down which also pointing out that we will have one more lower low (7-8K). After that momentum should turn around and move the price up.
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