According to Elliot wave analyze, Bitcoin could finally have reached its final bottom. The structure and fractal counts can thus be counted as complete. In addition, there are some other aspects that suggest that this is the end of the accumulation phase and the bear market.
Even before the whole FTX debacle, before you even knew anything about it in the last two months, it was to be expected that Bitcoin would start a new low. This could be seen in the corrective structure and trading volume. FTX was just the trigger (if FTX hadn't happened then there was probably another event that would have triggered the price slide). And no, you can never be 100% sure with analyzes. But you can use it to create probabilities that can help you buy and sell.
Another chart-technical reason: The trading volume had a peak again. High trading volume in certain wave sections indicates formation completion. High trading volume = possible bottom.
You can also look at the bitcoins on exchanges again. Here's a good rule „of thumb“: - If many bitcoins are held on exchanges -> short signal (the coins are drawn on exchanges to sell them = pressure to sell increases). - If many bitcoins are fetched from exchanges -> long signal (the coins are drawn on cold walls to keep them = selling pressure decreases).
What you need to know now and what’s the most important thing here: If the pressure to sell decrease and the buying pressure increase, there are more buyer in the market and the price goes up. If the opposite happens then of course the pressure to sell increase. (Supply and demand)
One can currently clearly see that on one of the largest platforms (cb pro - used by institutional organizations in the US) the stocks of Bitcoin are going down and are being moved to cold wallets.
So I am in good spirits that we have seen the low and we will finally see impulsive green structures now.
Sure, no one knows s. about f., but this is my technical analyze and maybe it helps someone of you. I’m bullish now and I’m rly happy that this long accumulation phase could be finished now.
What can happen now? - So a lot of alts have developed a nicely countable 5-impulse structure after their current low. Impulsive structures (5 waves) must arise according to elliot waves in order to determine a trend direction. These structures must now be confirmed in the next few days. Then we can say with an even higher probability that this was the final bottom. As long as no corrective patterns are created here, it should work (except in the waves 2 and 4 they are always corrective).
Let’s see what happens now and dca is always the best way for reaching the personally goal and yeah, no one can time the market. Stay healthy guys and no, it’s not a financial advice. These are just my 5 words but maybe they can help some of you!
Nice weekend for you guys!
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