In the chart I drove Elliot wave count on Monthly timeframe.
If wave count turns out to be correct, we might be in wave 4 at the moment. Strong support could be seen only at 1200-1400$ range.
If you look closely, we are forming U shape temporary bottom. Looking at MACD (-777.014) we might also see it bottoming out. Looking from psychological perspective it would also make sense to have a huge swing in BTC price action. If we indeed are slowly climbing towards 6k(ish), Fear of missing out would kick in and a lot of bulls could be trapped on the way up. Moreover, we would have enough energy to pierce through 2018 December low and land on Monthly support, which could be seen in chart.
I know it's a long way to go and we need to brake many levels before we could see 5800-6100$
Anyway, this is my take on Monthly Bitcoin price action.
Trade safely, good luck!
BTCUSD
If wave count turns out to be correct, we might be in wave 4 at the moment. Strong support could be seen only at 1200-1400$ range.
If you look closely, we are forming U shape temporary bottom. Looking at MACD (-777.014) we might also see it bottoming out. Looking from psychological perspective it would also make sense to have a huge swing in BTC price action. If we indeed are slowly climbing towards 6k(ish), Fear of missing out would kick in and a lot of bulls could be trapped on the way up. Moreover, we would have enough energy to pierce through 2018 December low and land on Monthly support, which could be seen in chart.
I know it's a long way to go and we need to brake many levels before we could see 5800-6100$
Anyway, this is my take on Monthly Bitcoin price action.
Trade safely, good luck!
BTCUSD