Bitcoin hits the CC of the corona low speed fan

I don't often write bitcoin posts but you can be sure when I do, I have something to say which is worth listening to. The last time I brought this subject up was when we hit the bottom of this channel, seen at the time on the daily chart here.

I told you in my post specifically not to freak out and from there we bounced as expected. Anyone who bought bitcoin in that moment could have netted a 46% increase before the price turned around.

If you are wondering why the price turned around there it was because of this high volume node (HVN) we failed to breach.

There was one important thing I mentioned in my bullish post which was not so bullish. I told you that the CC of the corona low speed fan had not yet been hit.

My exact words as follows:

A touch of this (yellow) line will surely see a reaction, but for now we have front run it. Like unfinished business which very often tends to get resolved in the end.

Here you can see what things looked like at the time.

And here it is today:

As you can see, that unfinished business I mentioned is currently being finished.

I am not going to tell you the bottom is in but I am telling you that this CC is hugely important as support. CC means Champions Channel (coz it makes traders so much money!) and it is the area between the yellow & orange lines.

You can pull this fib yourself on trading view using the speed fan tool. Here are my settings so you can copy them.

Pull the fib from the corona low (March 2021) to the ATH and it should look like mine.

The 0.618 to 0.66 retracement is pretty much always a major support level on the higher time frames.

Here it is again using the standard fib retracement tool.

Pulling the fib from the low to the high of the move gave us the CC, which as you can see acted as perfect support, giving us an enormous bounce and pretty tasty swing trade all the way up to a new ATH.

Looking at what happened yesterday we didn't yet get any kind of huge reaction from the first touch of this important CC speed fan channel, so to me it looks as if we have further to drop before the long awaited bottom is in.

It would not be unusual to even see a quick wick under the channel before a fast recovery and continuation of the upward trend.

The bullish argument can be seen clearly in my exochart data. We are building enormous bullish divergences making higher lows on the price with lower lows on the CVD.

What this tells us IMO is that the bull market is far from over.

And the turning point must surely be close now...

Good luck everyone!