Good news and bad news. The good news - the bear market is almost finished! The bad news - the bear market is not yet finished. Because There was a failed impulse wave around the $13,000 level after the first ABC correction, we entered an extended Double Elliot Combo Wave. In simple terms, this is just two ABC corrections linked together by a failed impulse wave. As far as we can see, we are soon to enter the final wave of this correction (assuming we can get a non-failing impulse wave up). If anyone else has been wondering why we are still in such an extended correction with all the good news surrounding Bitcoin, (mem pool empty, Government acceptance, lightning network, etc etc etc) this is why. Bots and traders alike are all waiting to get to this point to throw in their piece. Similarly, the public will most likely not be interested until there is confirmation of another massive bull-run.
There will certainly be a test of the previous low of around $6,100 - $5,900. If this support breaks, we can expect to see new support levels around $5,200 to $4,800.
There will certainly be a test of the previous low of around $6,100 - $5,900. If this support breaks, we can expect to see new support levels around $5,200 to $4,800.