BTC is close
Few days ago I have posted a chart looking at the possible move of BTC in the short term. If you have seen the post then you were expecting this already. Now this one will be simple and painless. You can see the trend channel BTC is currently following in its downtrend. You can also see the various Fib levels, from the targets of the EW analysis from back in January and to the retracement levels typical of wave 3 and Dow theory. We are in bottom territory, volatility will shrink soon in the next few days, probably just before the FOMC meeting. BTC has now tapped the 200WMA which was also highlighted as a target previously. I can still see a week to touch 20-21 k. I am now waiting for the market to give the signal and settle in.
Whether I think is the bottom or not is irrelevant until the markets will give us the signal. My opinion? Yes we are getting there. Any sign? not yet.
So let's wait and see.
In the meantime a divergence has unfold in the traditional market which could be a bullish sign. The SPY has made a new low but the Russel 2000 has failed to confirm and print a new low. This is potentially bullish, however is very early stages.
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Whether I think is the bottom or not is irrelevant until the markets will give us the signal. My opinion? Yes we are getting there. Any sign? not yet.
So let's wait and see.
In the meantime a divergence has unfold in the traditional market which could be a bullish sign. The SPY has made a new low but the Russel 2000 has failed to confirm and print a new low. This is potentially bullish, however is very early stages.
FOLLOW ME for more updates, SHARE, LIKE and COMMENT
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