Looking at this idea for BTC .
If the lengthening cycle theory holds true (which it has so far), we could see a cycle top somewhere around summer of 2023.
Also, historically, BTC reacts to the 50 week MA with a modest 50-70% growth, at least. So, expecting a relief rally in the short term before another rundown to test the 200 week MA. The long term trend of this...
BTC has had enough of this range. Next 4-8 hours should decide where the market moves next.
Looking at the structure, i'm more inclined to a move towards the upside.
But taking recent lower high and impulsive dumps into account, can't be too sure.
Best prepare for both scenarios.
Basing this analysis on the Elliot Wave theory, if correct, we will see another push up towards 37k before the ABC correction.
32K (wave 4) becomes a good corrective entry to ride wave 5.
If the breakout holds, we could look at reaching range highs. Testing the mid level first, then moving onto higher end of the range.
PS: This is just an idea. Honestly, i'd be surprised if i was right so..DYOR
Just here to share my opinions. A new student of the art of TA.
So, please don't take my assumptions seriously.
Would love to hear any thoughts and criticism.
