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We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term:
1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise)
2. 8hr chart failing 55EMA.
3. BTC downward channel
4. 5 Elliot waves to the upside likely over
5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
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