At current levels the market participants are almost equally split between whether BTC is in a bull market or a bear market with either side making their valid assumptions on why they believe the trend is firmly up or down.
This is a purely educational thread suggesting that while the long term Bitcoin trend is firmly up, it could be at the fag end of a 'running flat correction' as per Elliot wave analysis.
Where have we seen a running flat correction in BTC?
-July 2019
Does today's low of $39675 mark a reversal of the trend from here?
It's still too early to tell if the bottom is in and BTC still has a lot of work to do before the trend reversal can be confirmed. But this is not an area I would want to be short for sure. While SFP took place today, it makes for a decent candidate for a bottom. In addition to that with Open Interest being at all time highs, and lotsa shorts at these levels, the market is prime for a short squeeze.
What do you think happens from here? Up or down? Do lemme know your thoughts and please share and like this post if you found it useful.