all this is on a speculationary basis- on the monthly timeframe we've already seen a sideways correction and according to eliot's wave analysis there's always one correction thats sharp.
price action on the larger timeframes already is bullish.
more confluence for a possible retracement is the RSI divergence in the daily timeframe
though will price action break that resistance at 1.40000???????
as per my know how i'd say we are at the end for a five-wave pattern according to the elloit's wave theory.
coming next is a retracement wave . All this on the macro timeframes.
the fifth wave actually might be a truncated fifth due to the RSI divergence evident
mid 2000s price levels have to be mitigated first before the next bull run
my targets are 6000s, 7500s and 11,000s
all this being on a speculationary basis
i think the the FED is going to be a big catalyst for the price fall if they choose to hold interest rates or rather decide to be more hawkish.
that would promote a more divergent outlook on the interest rates, it would make alot of sense for the price plunge.
DXY too has started a bull run last week caused by the NFP,though i did make alot of sense price action...
for holders, i think you should careful now more than ever
I might get trolled but we've BTC tank more than once
it might tank to mid 40 thousands, from there would be clear buys to the least level atleast 83000 price level
the institutions won't gve profits that easily without a fight
as for this week Jerome Powell & his team have maintained the interest rates at 5.50% signaling a bit of hawkishness, but i do belive there is room for a push further up to 109ish the a major plunge is gonna develop after that.....cheers
