No matter what market you are interested in, there is an unchanging rule; The market spends 70% of its time consolidating, only the remaining 30% of the time moving in a certain direction. $BTC is currently consolidating. Unfortunately, there is no technical analysis method that can give the answer to when this will end.
However, Elliott Wave Theory can give us points where the consolidation is likely to end. Even if the consolidation does not end completely at that point, it at least allows us to catch the pivot points.
In my previous post, I shared both bullish and bearish scenarios. The bullish scenario said that the bottom at $91530, which occurred on December 30, could be a pivot low. And so it did.
$BTC is very close to a possible reversal zone again. Let's see what the price movements will be like in this zone ($99K - $102K)?
