BTCUSD has been in a large scale ABC corrective wave which had resulted in a sharp ABC corrective for the first macro A, extended ABC impulse for the macro B, and then a further extended 12345 wave to head lower. The bottom of the 3rd saw BTCUSD tag the centerline of the 89 EVWMA on the daily chart. It had good temporary support at this level as expected and moved back up into the fib levels from the initial correction around 11.5k for the 4th. For the final 5th of the macro C corrective leg, BTCUSD will head for a tag off the 233 EVWMA centerline on the daily chart. This level is below the long term support trendline (faded greed dash) which was formed off the last two bottoms at 2.9k and 5.4k last year. Once this level is broken there will be a strong wick of panic selling downwards to meet this centerline, 7.1k, which is a very strong support level and should trigger a rush of buyers. Look for a "red dog reversal" on the medium timeframes (30m-2h) for confirmation of the bounce. Following a successful rebound, the near-term will see a run to the top of the long term channel around 11.6k following by a retracement to the bottom. This will setup a potential head and shoulders formation and possible the 1-2 setup needed for the eventual 345 move higher into the 19.2k range. The entire move should complete around the middle of March. This setup will put BTCUSD close to challenging its all time high, breaking above that is a buy signal for the start of the macro 5th wave which could top out at 30k.
ETH: 0xcF29F645D7618f3F0588c2876A5A4d1CFec00a51
ETH: 0xcF29F645D7618f3F0588c2876A5A4d1CFec00a51