EXPERT Analysis BITCOIN - SECRETS You NEED To SEE!

BTC

Keeping it simple here, this is what I believe BTC is doing. Massive flag forming on the daily, even during all the violent downs it has obeyed this trendline.

I see a lot of 'ta' experts calling for further down and a long term downtrend but I would not be leaning that way until BTC has a daily close below the trendline pointed out. A big issue with Elliot Wave is it is literally trying to predict the future, but the downside is that you really don't fully understand elliot wave until the pattern has completed so it just gets all weird and messy.

So technically we're in a neutral zone. Playing between this levels..

We'll be filling this triangle out for the next day or so and then it will be decision time. If prints above and closes above then we continue this consolidation at a higher level.

Caution if closes below that bottom support then we likely go much further down and I will start to consider this a longer term bear market which could take months or years to fully go through

My opinion, not TA I am actually leaning upwards here for a few reasons..

Daily RSI has been trending downwards ever since Dec 7th of the past year.. With yesterdays close RSI has successfully broken the downtrend for the first time since the Dec 7th downturn.

Also check out the daily MACD

Histogram has printed a higher low corresponding with a lower low on price action.. this suggests that bears are losing momentum..
Also the divergence itself is beginning to curl back in.. When the blue line crosses the white line, this is considered a lagging confirmation to the upside.. Still far away from that but it looks as if the divergence has leveled off.

And lastly daily squeeze.

This squeeze momentum indicator is a good one to gauge momentum during chopping markets like we currently have.. As the red fades it means the bears are losing momentum.. Does it mean the correction is over? Not, it could begin a new sequence but for now its headed in the right direction.

Further theres actually some fundamental reasons why I would be leaning upside right now..

1. Margin loaning is in an insane level around .07 on bitfinex.. this means all the people who shorted the bottom are paying out huge $$$ just to hold onto their position which is currently underwater by about 1k in price.
2. Shorts in general have been piling up, and a saying that is worth remembering is that every short is a buyer.. Which means that if we do start moving up, these trapped shorts will have to close their positions thus buying up the price increase adding rocket fuel to any upwards movement.
3. Most of the new shorts that have opened were near yesterday and the previous low around low 10k area, keep this in mind as their risk management levels will probably be somewhere soon.

So if we do get confirmation to the upside, where can we go?

**Confirmation to upside - 2 hour close above 11,700. This is not an exact measurement but a measured move would take us well into the 20k region.. around 25k I would figure is a good first target

Confirmation to downside.. a 2 hour close below the support around about 10,350. If daily closes below that level then I believe we will see an actual long term bear market.

Not financial advice, just sharing my perspective here.