Bitcoin Overall: New Rally in Sight
2025-01-14
Category: None

As suspected in my previous post, price made a new local low, though not quite to the extent I anticipated:

This low is noteworthy because it represented a loss of important support, but then immediately reversed and climbed above it again. This kind of reversal often signals important points in the market, and at the very least, this support is now strong as ever and a great buy spot! This signals market strength. If bitcoin were 'weak', it would have collapsed far further on that opportunity.

FOR NOW: I expect, in the short term, a long somewhere in the green triangle to somewhere in the red triangle.

Depending on how aggressive price is:

Scenario 1: According to Elliott Wave theory, we have the potential for 1 more corrective substructure, making this a triple combination (currently a completed double). The last should be either a zig zag (new low implied), or triangle--more moving in place--*oh joy!* My bet would be on the triangle. I don't think it's going lower.

Scenario 2: That's it ladies and gents. welcome to the next move up in BTC. There will be some small corrective phases within of course, but let the good times roll for 2-3 more months.

I think scenario 1 is more likely, however, the move will tell us which will occur!