As you can see from the chart, BTC is preparing to breakout of a falling wedge which has been developing since the high in July. We're still oversold on the weekly RSI. The vertical blue line is the block reward halving at which point the production cost to get 1 BTC will jump from where it is now at roughly $3000 to $6000. This move also coincides with the end of Wave 2 according to Elliot Wave Theory. Wave 1 saw Bitcoin go from $3100 to $13,800 - a over 500% gain move. The retrace brought us just around 50% down. Wave 3 should take us to over 900% from here, or roughly $36,000. Sentiment is still in a state of disbelief/bearishness which is typical for a Wave 2/ beginning of Wave 3 move. This moment is bullish for smart move. Do not FOMO in after $20k. BTC LONG
Commentaire:
bullish for smart money**