FALLING WEDGE OF BTC💚 BOOM IF SUSTAIN THIS LEVELBTC_Update 1W
BTC, All eyes on the weekly close👀
Need a weekly close above $25.2k for a confirmed breakout and for a rally up to the $30k Level...
Endofbearmarket
[Bitcoin] End of bear marketReminder of bullish factors:
- end of falling wedge
- breakout completed
- huge bullish divergences
- blue pill (Hash Ribbons indicator, not in this chart)
- bottom found (Puell Multiple indicator, not in this chart)
- reversal signal (Network Value to Transactions ratio, not in this chart)
A likely roadmap for 80% correction of BTCAre we almost at the bottom?
Potentially, yes!
Are we going to experience dramatic sell off in the last month(s) of the bear market? Potentially, yes!
The roadmap presented might vary in timing but the targets of support come from fib ratios. The first one of around 5100 can be easily reached if we break the support of 5800 and hit all the stop losses. With this we can finish extended wave 3 and we can go up for a short wave 4, just reaching the previous support of 5800 which is gonna act as resistance. Then we could go for a last panic sell-off maybe coupled with some bad news, which might turn out not to be true later on. And we can reach a bottom of around 4300 which comes again from fib ratios again. This would bring is to almost 80% correction from the all time high. This is similar to the correction of 2013 which also led to a 80% retracement of the all time highs.
The other option is to stay around 6000 for a longer period of time before going up again but this seems less likely.
