Hi Everyone . In my opinion there are many reasons that Bitcoin could be Bullish soon.
If you use a Fib Channel on Bitcoin weekly chart, you will find the Most Reacted Area in the past , is between levels 0.618 and 0.876 , which could be a Dynamic Support AGAIN. (Area marked with black dash lines.)
We also have a Downtrend Channel and you see price is currently in the middle .
On the other hand , the MA200 has acted as a Strong Support from the past, such as the MA50 in Monthly .
According to the Rules of the Elliott Wave Theory , Wave 4 can NEVER cross in the same price area as Wave 1, (the end of wave 1 is $ 13,870 (Thick Red Line)).
In the end , I see two important Nested Demand Zones which are still Fresh (untested) .
Do not forget this is NOT a recommendation to buy or sell.
(19380-19050)
(14163-14040)
Do not forget Risk Management .
Good luck
If you use a Fib Channel on Bitcoin weekly chart, you will find the Most Reacted Area in the past , is between levels 0.618 and 0.876 , which could be a Dynamic Support AGAIN. (Area marked with black dash lines.)
We also have a Downtrend Channel and you see price is currently in the middle .
On the other hand , the MA200 has acted as a Strong Support from the past, such as the MA50 in Monthly .
According to the Rules of the Elliott Wave Theory , Wave 4 can NEVER cross in the same price area as Wave 1, (the end of wave 1 is $ 13,870 (Thick Red Line)).
In the end , I see two important Nested Demand Zones which are still Fresh (untested) .
Do not forget this is NOT a recommendation to buy or sell.
(19380-19050)
(14163-14040)
Do not forget Risk Management .
Good luck