Bitcoin and crypto in general has been in a massive decline since November 2021. On May 12, 2022 we’ve seen signs of a panic selloff. However, this decline was mostly reversed by the end of the day resulting in a massive candle wick. Sentiment is at an extreme right now ( https://alternative.me/crypto/fear-and-greed-index/ ) which is actually a good sign. Many are calling for $20K Bitcoin , but I think we are reversing right now. Thursday’s reversal lines up perfectly with a trend line on a *closing* basis going back since March 2021. We have a bullish divergence in RSI . This also set’s us up perfectly for one final Elliott Wave (5) push to end the current cycle.
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