The Bull is slowing chasing the red flag in a muddy grounds.
The Third wave is about to end, after which the re-correction phase follows which is 4th phase and the wave will resume in 5th wave.
Current Wave (3rd Wave)
BTC is kicking the resistance upwards, the is wide open as it is continuously forms. The waves chart is also representing the same. The support levels are also forming in upward motion.
Support levels jumped from 48k to 51k and then 55k level. Although last night it exhausted and we saw a pullback of $3000+ change in BTC price and Alts massively started to bleed.
4th Wave (The Re-correction Phase)
Last night was a glimpse of it. BTC is overbought to its extents, every time it tries to correct its movement + price, some news arises and push it further. It’s a matter of time when it will fall to zones of 40-45k levels. (Red triangle area).
Once the correction phase starts, it will form a bloodbath for the ALTs. BTC dominance will fluctuate and I am expecting that the BTC market cap will curtailed to $800 – $850 billion region.
5th Phase (Glory phase)
Probably starts purely in coming 2 months. The resistances will be weak enough in this path. The 65k price level will be top milestone for BTC , the dominance will probably exceed 65%+ point. Alts won’t bleed but the is expected to exhaust and major movements and circulations will be in BTC , Ethereum , DOT, BNB, LTC, LINK & UNISwap.
The BTC bull won’t stop, the end of year as the major companies like TESLA , APPLE , PAYPAL, AMAZON etc are planning, $80k mark seems possible.
CryptoAffairs by Shoayb Khan