Hi all. We set an ABC correction for Bitcoin on 8-May-2022 almost 4 months back, when it was at $35,000 and the expected the corrective C Wave to touch $19,000.
Previously on Bitcoin:
Congrats to the ones who saw this coming and we precisely hit our target. The majority, at that time, expected $70,000 and they now expect $10,000 at the moment.
Is $10,000 the case now?
This depends on the performance of it staying above $19,000.
Day Time Frame
Bitcoin successfully managed to stay above $19,000. This is an important point and support for BTC. As long as it stays above $19,000 - $21,060, it is good to go for $39,000
Although Bitcoin's monthly chart is waiting for a green signal, the above weekly structure and the following RSI signals a preliminary motive wave for upcoming weeks.
Weekly RSI Indicator
Weekly RSI indicates, that Bitcoin is holding the support and is in an oversold area. We will discuss if it would break the blue RSI resistance above $21,795.
Critical Support Levels:
$19,000, $21,060, $21,974
Critical Resistance Levels:
$25,212, $31,490
Target Level:
$39,000
What will happen after $39,000?
We will be checking the monthly status when we hit the above targets.
Conclusion
BTC is currently above critical support levels which are between $19k and $21k. As long as it stays above these levels, we will see higher targets such as $39,000.
As always, Important Note: None of the targets represented here is financial advice. Do your research in due diligence and take responsibility for your decisions & actions when buying or selling an instrument.