Bitcoin tested 7k level last month around 18th march post which it jumped to 9k level by 23rd march. My initial though was, is bear market over? are we starting with next run?. I was patiently waiting for some of the major resistance to be breached. End of march, bitcoin again tested 6.5k level and has been hovering around 7k since then. This particular junction is very critical for bitcoin as it could end the bear market or lead bitcoin to test lower lows. I looked into couple of metric to decide my future course of action. I started with the VOLUME, and i was disappointed as we were getting relatively low volume which clearly mean that we are looking for one more low. Then i went back to history and start looking chart mathematically, turns out elliot triple wave still into play and could take us to new low. Most of the Alts this session has retracted below 78.6% fib, and bitcoin is still to test it. When i combined these insights with Elliot wave count, i feel we'll be retracing somewhere between 4000-4500k. I genuinely believe that, this is the point where big cooperation backed by VC will jump in to accumulate most of the bitcoin and give the necessary for the next bull run.
Let's see how the price plays in future
Let's see how the price plays in future