The following mid to long term analysis is based on my knowledge on price action, Dow theory, Elliott wave theory. You should trade unless you have perceived signals for example reversal bar patterns. Without signals, no moves should be done.
BTCUSD may have already reach its bottom, probably followed by a sideway or uptrend
Reason 1:
A relatively strong rebound momentum appeared, which is the first time during the whole downtrend. This means probably followed by a sideway market status.
Reason 2:
Elliott wave theory offers trader various options and choices to define waves without violating the 4 major principles. Here is only one of the possible outcome. BTCUSD
may probably reach its bottom as C wave may equal to A wave 0.618 trend-based fib extension according to my observations, which means BTCUSD may reach its bottom ,
probably-=_=!.
Reason 3:
A downward trend line is broken while a lower high has been break through with a higher low created. It doesn't mean an uptrend is coming but at least the trend of plunge
is probably end.
Trend analysis (Probably sideway or uptrend)
Plan A Uptrend: After retrace to around 39570, which is a good pivot point for you to LONG with signal like reversal bar pattern. You can aim your TP to 53000, which is a
0.618 of the whole downtrend and a week level resistance.
Plan B Sideway: BTCUSD may move sideway. With this in mind, try to trade inside the sideway meanwhile you can try to LONG in the bottom of the sideway with signal.
Your TP should be conservative under this market status.
Plan C Downtrend: Um it is always possible, but i guess even if it really appears, a sideway will occur first before the downtrend.
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