Nearing end of correction, long play in sightAfter 3 weeks of sitting out and waiting to hit target buy zone, we are almost there.
Trend-line support on the 5-year log is just above $7,600, and rising, 61.8% fib retracement sits at $8,250. Again, per my research, no Bitcoin rally has retraced less than 64%, ever, so I'm still eyeing that buy-wall around $8,000. $7,950 is my target strike price, but I will watch price action as we get near we may go lower, we may not break $8,000, we may tap $7,800 or so. I will let the chart tell me when the reversal happens.
RSI at 40 and falling, on the daily. Will be eyeing RSI of 30 near bottom. MACD, after almost signalling a bullish cross-over is diverging and showing weakness again.
I believe this is the 1st & 2nd wave of a 1,2,3,4,5 Elliot Wave pump for 2020 and the next one, wave 3, is going to be a solid rally.
As always, look for Tether injections, as rallys have always happened immediately after they occur.
Curious to see how this reversal develops. Will we get a big inverse head-and-shoulders from bottom? Or will we go sideways until we use the 5-year log support line to drive us up? Or, maybe, we fall through trend-line support and we're back to $6,000 in a month or two. This last possibility I highly doubt, but definitely cannot rule it out, anything is possible.
Will be layering in my buys, aggressively, and posting updates along the way.
