Back in January I made an analysis on Bitcoin where I argued that the bottom was likely in. I used the support drawn on the chart as one of my main arguments. Seeing that this support has dictated BTC's price action for nearly 6 years, it's definitely one you should keep an eye on!
Seeing that there's a lot of bearish views on the market lately, I want to take a look at the worst case bullish scenario.
In my eyes, this would be a move towards the dotted purple support. A break below this point would break a 6-year market structure, which would be very alarming ๐จ.
As long as we will not get a full-on stock market crash, I don't see BTC falling below this support, thus staying long-term bullish.
I don't see BTC revisiting the bottom support at this point in time. I'm first looking at the 25,000 area as explained in my Elliot Waves analysis below. Nevertheless, it's important to consider different scenario's and outcomes.
Seeing that there's a lot of bearish views on the market lately, I want to take a look at the worst case bullish scenario.
In my eyes, this would be a move towards the dotted purple support. A break below this point would break a 6-year market structure, which would be very alarming ๐จ.
As long as we will not get a full-on stock market crash, I don't see BTC falling below this support, thus staying long-term bullish.
I don't see BTC revisiting the bottom support at this point in time. I'm first looking at the 25,000 area as explained in my Elliot Waves analysis below. Nevertheless, it's important to consider different scenario's and outcomes.
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