BTC Bottom Test: 26 Month EMA + VWAP Quarterly TF Deviation 2
This is currently the third touch of the 26 Month Ema for 2022. Combine this with the touch of the 2nd Deviation on the VWAP wihtin the Quarterly TF.
It would seem like this is a probable bottoming point for BTC. Historical data helps to validate this POV. If this bottom does hold, it could be argued that we are now entering wave 3 of a new Elliot Wave.
This bottom would also maintain the uptrend for the monthly and weekly TF. As we have already lost the Daily at this time.
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Unless of course, the Bitmex guy is right, and we see BTC lead a big correction into June, bottoming at $30k. With BTC then leading the recovery.
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I personally believe that the Fed is working very very hard to thread a tiny tiny needle, with the intent of avoiding a 'Recession.' So, with this in mind, the probability increases for the Bottom being in. (assuming a strong correlation in momentum between SPX and BTC)
It would seem like this is a probable bottoming point for BTC. Historical data helps to validate this POV. If this bottom does hold, it could be argued that we are now entering wave 3 of a new Elliot Wave.
This bottom would also maintain the uptrend for the monthly and weekly TF. As we have already lost the Daily at this time.
--
Unless of course, the Bitmex guy is right, and we see BTC lead a big correction into June, bottoming at $30k. With BTC then leading the recovery.
--
I personally believe that the Fed is working very very hard to thread a tiny tiny needle, with the intent of avoiding a 'Recession.' So, with this in mind, the probability increases for the Bottom being in. (assuming a strong correlation in momentum between SPX and BTC)