It appears that Bitcoin (and the rest of the crypto market) is showing strong signs of recovery since the dump of last night.
Recently, I made another post about the state of Bitcoin. In this post I argued that Bitcoin would rise again after the big sell-off, but then fall down again to complete the Elliot wave. Seeing the current price action, I highly doubt that the $55k area will be the area of reversal. Next potential area of reversal will be $58k, the golden fibonacci ratio of 0.618
For now, I'm expecting a small pull-back soon, after which the strong bullish push of BTC will continue. If price action remains strong, we might not even reverse at all and aim for a new ATH in the coming weeks.
Happy trading!
Recently, I made another post about the state of Bitcoin. In this post I argued that Bitcoin would rise again after the big sell-off, but then fall down again to complete the Elliot wave. Seeing the current price action, I highly doubt that the $55k area will be the area of reversal. Next potential area of reversal will be $58k, the golden fibonacci ratio of 0.618
For now, I'm expecting a small pull-back soon, after which the strong bullish push of BTC will continue. If price action remains strong, we might not even reverse at all and aim for a new ATH in the coming weeks.
Happy trading!
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