BTCUSD: Likely working on the 5 wave towards all time high
In my opinion, BTCUSD has finished 3 major waves after the dip earlier this year with COVID 19. The first wave finished around mid-May and gave us a clear small 5 wave structure, then a consolidation with some ups and downs in a wedge for our wave 2, and a super bullish 3rd wave all the way to $19000 with a fib-extension right at 1.618 area from the high of wave 1 to the low of wave 2, then a dip to $16000 before it started challenging 20k.
It's very likely that BTC is forming its 4th correction wave to 20k, and mostly a simple A-B-C correction since we had quite a few ups and downs at our wave 2 a few months ago. Also as you can see the VPVR on the right side of the chart, we are currently at a pretty low volume area compare to other price ranges, so I don't expect BTC price keeps being around this range. So are we going to drop to $13000 or $9000 ish when the volume was pretty high? No, I don't believe so, because Stoch RSI looks pretty oversold, market sentiment is quite bullish now with Dow hits new high and so many stocks are breaking their records as well, with Fed pumped in trillions of dollars into the market, there is no way they will leave the table anytime soon.
However, there might be a correction coming with the COVID number rises again because of holidays and traveling which will cause the market to pay attention to the short-term suffering, which might cause a dip in the traditional market, and that might impact the cryptos, but that could be a good time to add rather than sell. With that being said, hold current BTC positions and add if it dips lower this month, then an all-time high might be coming right after.
(This is for educational purposes only)
It's very likely that BTC is forming its 4th correction wave to 20k, and mostly a simple A-B-C correction since we had quite a few ups and downs at our wave 2 a few months ago. Also as you can see the VPVR on the right side of the chart, we are currently at a pretty low volume area compare to other price ranges, so I don't expect BTC price keeps being around this range. So are we going to drop to $13000 or $9000 ish when the volume was pretty high? No, I don't believe so, because Stoch RSI looks pretty oversold, market sentiment is quite bullish now with Dow hits new high and so many stocks are breaking their records as well, with Fed pumped in trillions of dollars into the market, there is no way they will leave the table anytime soon.
However, there might be a correction coming with the COVID number rises again because of holidays and traveling which will cause the market to pay attention to the short-term suffering, which might cause a dip in the traditional market, and that might impact the cryptos, but that could be a good time to add rather than sell. With that being said, hold current BTC positions and add if it dips lower this month, then an all-time high might be coming right after.
(This is for educational purposes only)
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