Here's the brief graphical explanation of the Bitcoin "crash" that happened, and many opportunities that couldve been taken to get out from it on time and rebuy it lower.
Right now, strong buying volume is approaching and potential bounce back is very much possible. This crash happened after the 5th Elliott Wave so this was also an expected so called ABC correction.
We are looking at the beginning of the new cycle for Bitcoin. The crash can continue further towards the 5k and 4k area but hopefully it won't go lower than that considering the strong buying volume that is coming back and since the 6k area is a very strong support.
Having said that, Ichimoku cloud and EMA's are for now showing bearish movements in the long term, but considering the strong buy volume, the correction after the 5th Elliot wave, and the strong correction of about 70%, I think that the indicators will not stay bearish that long.
Still, right now, It's hard to make very strong conclusions until the negative trend is broken, but in short timeframe, everything is looking well.
Right now, strong buying volume is approaching and potential bounce back is very much possible. This crash happened after the 5th Elliott Wave so this was also an expected so called ABC correction.
We are looking at the beginning of the new cycle for Bitcoin. The crash can continue further towards the 5k and 4k area but hopefully it won't go lower than that considering the strong buying volume that is coming back and since the 6k area is a very strong support.
Having said that, Ichimoku cloud and EMA's are for now showing bearish movements in the long term, but considering the strong buy volume, the correction after the 5th Elliot wave, and the strong correction of about 70%, I think that the indicators will not stay bearish that long.
Still, right now, It's hard to make very strong conclusions until the negative trend is broken, but in short timeframe, everything is looking well.