Yesterday I promised you to make a comparison between Bitcoin bottom in 2018 and the current potential bottom. You can easily understand all key points from the chart, but I will describe it for you.
In 2018 first of all we saw the true bullish divergence with MACD at the very bottom, I means that there was the wave 3 and wave 5, thus the dump was obviously finished. After that we saw the classical 1-2-3-4-5 Elliott waves cycle start. Wave 1 was impulsive and the wave 2 was represented as classical abc correction after that the most impulsive wave 3 started with 1-2 waves. This is only way how can the bull market start.
In 2022 we can see the minimum value on MACD corresponds to minimum price. It means that the $17.5k bottom was not the end of wave 5. We have to see divergence to conclude that the trend is over. It’s obligatory! The current range is represented as zigzags. Each wave overlaps the previous waves – it means that there is no the 1-2-3-4-5 waves cycle start. Thus Bitcoin now is in corrective wave 4. Wait for the last wave and go long!