Why I'm calling 6500 the Bottom
Well more precisely i think 6200-6500 range, but we could be done!
What is the point of the correction? A correction is supposed to beat you down, and make you give up. Then when all hope is gone, price moves up.
First off the fear and greed index is at extreme fear levels, the rsi is resting at major support on larger time frames. We retested major support of 6500 from 2018.
5 wave overall structure where wave 1 resembles the length of 5. The correction's entrancement went just in between the .618 and the .50. That is ideal for a wave 2, wave 2 should always be a deep wave as it is fueled by sellers who don't are in denial of the upwards bull market trend. But mainly.... everyone, even most well known traders... are bearish, and I like that. What i am looking for now, is for price to stabilize, have a few bounces between the 11k range and 8k until year's end. Then we work towards welcoming the halving. Dont forget, everyone is freaking out and its still... still only November.
As the saying goes, the BEST time to buy is when there is blood in the streets. And there is a lot of blood right now.
Carry on,
Not a financial advice, just my analysis.
What is the point of the correction? A correction is supposed to beat you down, and make you give up. Then when all hope is gone, price moves up.
First off the fear and greed index is at extreme fear levels, the rsi is resting at major support on larger time frames. We retested major support of 6500 from 2018.
5 wave overall structure where wave 1 resembles the length of 5. The correction's entrancement went just in between the .618 and the .50. That is ideal for a wave 2, wave 2 should always be a deep wave as it is fueled by sellers who don't are in denial of the upwards bull market trend. But mainly.... everyone, even most well known traders... are bearish, and I like that. What i am looking for now, is for price to stabilize, have a few bounces between the 11k range and 8k until year's end. Then we work towards welcoming the halving. Dont forget, everyone is freaking out and its still... still only November.
As the saying goes, the BEST time to buy is when there is blood in the streets. And there is a lot of blood right now.
Carry on,
Not a financial advice, just my analysis.
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