BitcoinLong
Bullish ABCD in Bitcoin!!
Updated
Bitcoin caught a nice pump last evening after dumping over the weekend. HODLers felt the pain Saturday and most of Sunday but got some relief Sunday night. Although we are still very bullish of Bitcoin generally, we were prepared for the max pain threshold to be 36K. However, we have some reasons to be bullish, including a bullish ABCD pattern. Recall that the profit target for this pattern is A, or in this case, all time highs around 58K. If we are wrong, we will still have support from 41.9K and 40K. However the Kovach OBV has turned up suggesting there could be some meat to this rally.
Note
Major level at 48.2K reached!! We are on our way back to highs! Looks like we may be facing some resistance at 49.7K. There is a red triangle on the Kovach Reversals so we might get a pullback. We recommend not to ape in right now...
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