On Weekly Basis:
BITCOIN completed its correction from peak USD 69000 to 15500 in its Grand Wave. There is a support at 19160 on weekly charts when it made a peak in December, 2017 and also paused in June, 2022. Though it broke briefly at 15500. Grand Wave Correction 1, 2, 3, 4 and 5 is over in Bitcoin. Bear cycle looks like, it is over. First break out has happened by breaking away from downward trend line. One can be cautiously optimistic and it provides a good choice to buy at current level with a target of 31000. There is a chance of golden cross over happening at 200 DMA. It has come out of deep oversold position to neutral zone. RSI was deeply oversold in July'22 before showing the signs of bottoming out in November'22. Now it has broken the downward trendline and 200 DMA convincingly. Strong pullback or beginning of new Bull market is possible.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
BITCOIN completed its correction from peak USD 69000 to 15500 in its Grand Wave. There is a support at 19160 on weekly charts when it made a peak in December, 2017 and also paused in June, 2022. Though it broke briefly at 15500. Grand Wave Correction 1, 2, 3, 4 and 5 is over in Bitcoin. Bear cycle looks like, it is over. First break out has happened by breaking away from downward trend line. One can be cautiously optimistic and it provides a good choice to buy at current level with a target of 31000. There is a chance of golden cross over happening at 200 DMA. It has come out of deep oversold position to neutral zone. RSI was deeply oversold in July'22 before showing the signs of bottoming out in November'22. Now it has broken the downward trendline and 200 DMA convincingly. Strong pullback or beginning of new Bull market is possible.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
