With the price consolidation over the past two weeks, we have seen a triangle pattern form that is projecting the continuation of the prior downward trend.
Another look at the wave structure of the leg down from March 28 and it appears as though the $25.3k low was in fact a Wave 3 bottom, the current consolidation is a wave 4 correction and the next and final wave 5 leg down is just about to commence.
This projects an impending low below $25.3k and possibly as low as $21.3k. I am expecting to strike $24.3k as the 1.236x Fibonacci projection of wave 4, that also coincides with unconfirmed support from December 20, 2020.
I believe this upcoming sell-off will be the final low of the Bear Market.
What do you think? Is there another brief sharp leg down to come, or can the Bitcoin market continue to rack up consecutive weekly declines?
Another look at the wave structure of the leg down from March 28 and it appears as though the $25.3k low was in fact a Wave 3 bottom, the current consolidation is a wave 4 correction and the next and final wave 5 leg down is just about to commence.
This projects an impending low below $25.3k and possibly as low as $21.3k. I am expecting to strike $24.3k as the 1.236x Fibonacci projection of wave 4, that also coincides with unconfirmed support from December 20, 2020.
I believe this upcoming sell-off will be the final low of the Bear Market.
What do you think? Is there another brief sharp leg down to come, or can the Bitcoin market continue to rack up consecutive weekly declines?
Commentaire:
Well that idea didn't age well. Price has spiked above the 1D 20MA to $30,800, the highest high for 10 days. If price holds above the 1D 20MA for two consecutive closes, I will consider this bear market over and the trend has reversed.
