BITCOIN Completed Impulsive C Wave and 5th Wave Downward
On Weekly Basis:
BTCUSD (BITCOIN) just completed its 5th wave downward and also Corrective C Impulsive wave. It should hold the support of 19000 level which was all time high of December'2017. It also made a low of 17500 due to high volatility. Weekly RSI at 25 is extremely low level with lots of pessimism. Such deep oversold RSI on weekly basis is generally the bottom and new Bull trend starts just like in January'2015 and December'2018. All bad news related to burst of LUNA and problems going on in Celsius, negative news on possibility of other Altcoins may go burst, are all indications of near bottom formation. It made a peak on April'2021 and a brief high on November'2021 which was like double top formation. BTCUSD looks like a Strong BUY.
Bitcoin precise price prediction is difficult due to high price volatility and less institutional investors.
BTCUSD (BITCOIN) just completed its 5th wave downward and also Corrective C Impulsive wave. It should hold the support of 19000 level which was all time high of December'2017. It also made a low of 17500 due to high volatility. Weekly RSI at 25 is extremely low level with lots of pessimism. Such deep oversold RSI on weekly basis is generally the bottom and new Bull trend starts just like in January'2015 and December'2018. All bad news related to burst of LUNA and problems going on in Celsius, negative news on possibility of other Altcoins may go burst, are all indications of near bottom formation. It made a peak on April'2021 and a brief high on November'2021 which was like double top formation. BTCUSD looks like a Strong BUY.
Bitcoin precise price prediction is difficult due to high price volatility and less institutional investors.
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