Analyst says nothing bearish on Bitcoin charts

2024-01-12 13:23:06

More Crypto Online, a YouTube cryptocurrency analyst, highlights that the current five-wave trend on the Bitcoin chart could open the door to an even larger trend.

In the Jan. 12 video, the analyst suggests if micro support breaks on the Bitcoin (BTC) daily chart, the market can expect a wave four, triggering a larger wave five, assuming the market doesn’t pull back below $35,000.

If so, the next wave four will be substantially larger than the wave four from the previous month, resulting in a bullish outcome

More Crypto Online suggests nothing is bearish on the chart unless the market breaks $20,000.

“I would treat any sell-off as a gift,” shares the analyst. “I have a hard time seeing Bitcoin come down to that level anyway. I am first watching for a wave four scenario. Once five waves are complete, the markets should expect a sharp pullback.”

Looking at the hourly chart, the rally from the Sept. 11 low could have been completed on Jan. 11, which would have been a major top. However, the analyst confirms it can’t be confirmed until the market hits a sustained break below $42,550.

The analyst calls out a few red candles on the daily charts, although highlighting the sell-off shouldn’t be a surprise since these are common in crypto and do not signal a larger downturn.

More Crypto Online also predicts that something has changed, predicting that the ETH/BTC chart is said to have bottomed in the previous week. More Crypto Online suggests that money might flow from BTC to Ethereum (ETH) and many other altcoins in what is said to be a market shift triggering altcoin season.

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