Comparing highlighted RSI's from previous BTC corrections, we see that when BTC corrects, RSI falls but always has a few rises back up before it bottoms out.
Also, corrections like these don't go on for less than two weeks.
From these two observations I believe BTC should fall a bit more - perhaps 5300 levels - before continuing its rise to 10,000+ by year's end.
The reason I'm not drawing downtrend ABC elliott waves and instead going long with more growth waves is because BTC is the flagship of crypto and is constantly growing in popularity and market cap.
It's unlikely that people will want to sell BTC for less than $5000, and with new money flowing in it's bound to keep growing.
TLDR; BTC should correct a bit further to sub - $6000 levels and then continue its growth to $10,000
Good time to go long in the upcoming days.
Also, corrections like these don't go on for less than two weeks.
From these two observations I believe BTC should fall a bit more - perhaps 5300 levels - before continuing its rise to 10,000+ by year's end.
The reason I'm not drawing downtrend ABC elliott waves and instead going long with more growth waves is because BTC is the flagship of crypto and is constantly growing in popularity and market cap.
It's unlikely that people will want to sell BTC for less than $5000, and with new money flowing in it's bound to keep growing.
TLDR; BTC should correct a bit further to sub - $6000 levels and then continue its growth to $10,000
Good time to go long in the upcoming days.