People keep saying BTC is going down. This is what we have right now, price is creating a clear Descending Triangle, but it doesn’t mean it’s going down, what it actually means it’s reacting to a strong support level 90k. And still is unknown if at the end sellers will make it go through that level or not.

My personal opinion it’s that #Btc is going to break above, make a higher high and go bullish and continue with the last leg of the elliot wave from the larger degree (the wave 5) then it will go down with its correction.

My bullish bias comes from:

-Strong support 90k area that served as both, support and resistance. (A High timeframe support) that was respected multiple times and recently.

-Yesterday price touched the 14Ema in the weekly chart, reacting instantly and failing in making a lower low, instead made a wonderful Long wick candle (Hammer).

-Price made Double bottom in the daily chart, adding more confluence to the Area, and showing that sellers are not longer in control.

-Daily RSI has a clear divergence over the undersold area (in the double bottom mentioned above)

-Intraday charts (4H) broke the bearish bias making a Higher high, showing a possible change of trend to bullish.

-Today’s Daily candle broke above the 50Ema but still hasn’t closed yet.

-Elliot waves in the lower degree finished with the impulse waves and the correcting waves, starting with Wave 1 of the larger degree (Wave 5) which is Bullish.

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Still there are some analysis that might suggest price can go lower, but i found the bullish bias has more traits, therefore i will trade accordingly.

This is not financial advice. DYOR