Bull market is not done -- End of sell-off

18 May 2021

BTCUSDT

To be clear, the bull market is not over. We will se BTCUSDT over 180k by the end of this year. Nothing changed.

BTC formed a rising wedge from Feb to April. Though it had higher highs, the momentum was weakening. A major correction was anticipated by many analyzers.

On April 18 the wedge was broken down, aiming the root of the wedge, which is around 43000 USDT. Yesterday this target was finally reached. The lowest price has hit 42000, which is exactly the point of 38.2% Fibonacci retracement measuring from the COVID dump to 64854 local top.



In the short TF we can find a falling wedge, with bullish RSI divergence, and descent volume at the price bottom. An breakout to the upside is much more likely.

Also, we can see clear oversold in multiple TF. RSI is below 30 in 1D, and could be the lowest after COVID dump. Candles are below the Bollinger lower bands in 1D-5D. At least a huge bounce will happen.

In the weekly, the price returned to the 1W EMA21 and Bollinger midline. Such return is the first time in this cycle, but should be seen multiple times in a bull cycle. The correction is still healthy.


After breakout from this falling wedge, BTC may still stay in the down trend channel, and stay below 1D MA120 for a while. A "double top" bull market like in 2013 is not excluded, or somehow likely. But there is no way to expect a several-year bear cycle from here.

19 May 2021

İşlem aktif

Still vaild.

19 May 2021

İşlem kapandı: durdurma seviyesi

I'm wrong about the intensity of correction. But I am still expecting a higher top of BTC before the end of this year, just like 2013. See you there!