Bitcoin retracing to 20W EMA before Wave 2
Bitcoin has seen about a 15% selloff following a 80% move to the upside after the end of the mid-cycle correction. It may seem like the sky is falling, but a confirmation of the bull market support band is a good thing. We have a few positive metrics coming up, including a potential golden cross in a few weeks, the Bitcoin taproot upgrade, ADA smart contracts, ETH 2.0 with little FUD. This correction was due to overleveraged longs and now profit taking. Nothing fundamentally that will knock Bitcoin down.
Holding support against the 20W SMA and 21W EMA is a strong indicator that typically starts massive bullish momentum and something we saw a year ago in September 2020.
I anticipate all time highs for Bitcoin and many other cryptos in October / November with a market top in the months after that. In the short term:
Major support around $43 / 44k (where we bounced on Tuesday) with a powerful move after that back into the $50,000+ range. Buy the dip!
Holding support against the 20W SMA and 21W EMA is a strong indicator that typically starts massive bullish momentum and something we saw a year ago in September 2020.
I anticipate all time highs for Bitcoin and many other cryptos in October / November with a market top in the months after that. In the short term:
Major support around $43 / 44k (where we bounced on Tuesday) with a powerful move after that back into the $50,000+ range. Buy the dip!
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