#BTC
💎We are clearly in a bear market at the moment, but I want to say that this troubling time will soon come to an end.
Technical explanation of Elliot waves and indicators:
▪️I believe that the peak of wave (I) was at $64829, the all-time high at $68958 was only a corrective wave (B). As this wave (B) bitcoin trades down in wave (C), analysts suggest that bitcoin could reach $22,500 in the coming weeks. This movement can be seen in the detailed chart below, I estimate that Bitcoin will face the last painful wave (5) in this wave (C).
▪️The "200 Weekly Moving Average" has always proved to be strong resistance in the past and I believe the bear market will also find its end around the 200 MA. In 2018 bitcoin bottomed out at the 200 MA, in 2020 the 200 MA was breached but again proved to be a turning point.
▪️Several other indicators show that Bitcoin is likely to complete a big correction around the 200 MA.
💎We are clearly in a bear market at the moment, but I want to say that this troubling time will soon come to an end.
Technical explanation of Elliot waves and indicators:
▪️I believe that the peak of wave (I) was at $64829, the all-time high at $68958 was only a corrective wave (B). As this wave (B) bitcoin trades down in wave (C), analysts suggest that bitcoin could reach $22,500 in the coming weeks. This movement can be seen in the detailed chart below, I estimate that Bitcoin will face the last painful wave (5) in this wave (C).
▪️The "200 Weekly Moving Average" has always proved to be strong resistance in the past and I believe the bear market will also find its end around the 200 MA. In 2018 bitcoin bottomed out at the 200 MA, in 2020 the 200 MA was breached but again proved to be a turning point.
▪️Several other indicators show that Bitcoin is likely to complete a big correction around the 200 MA.
