Hello all and Happy Friday! let's do the technical analysis about bitcoin in general.
The key of current bitcoin's movement is the euphoria from halving event. It seems like a lot of stakeholders are still interested to collect bitcoin during this event which take place at around May 12th, 2020 . Based on the previous action during the halving event, bitcoin always started its up trend just before the event take place, after that we'll see the consolidation stage before the price goes higher. So, looking at this action, I do believe some move upward is imminent just before the halving take place.
Now, in align with the halving momentum, the EW count itself is showing us a potential upward moves to the anticipated region of $10500 which is the interim swing high region. And the fact that the sub wave 4 of the wave 3 in general has finished, this means we are currently at the sub wave 5 of the wave 3 now. After touching the $10500 region, I'll expect a correction wave of 4 which is the main trend of current EW structure.
Based on the oscillator indicator which I use RSI, it hasn't entered again the overbought region which makes the divergence as an early sign of reversal is not valid yet. Usually when the RSI re enter the overbought region for the second time and the peak of the 2nd attempt can't breaches the peak of the first attempt, that is the right time to enter short position in the market. This time, it's still a long way to go and $10500 could be a perfect place to enter short for short term.
My current bias for short term is bullish after all.
The key of current bitcoin's movement is the euphoria from halving event. It seems like a lot of stakeholders are still interested to collect bitcoin during this event which take place at around May 12th, 2020 . Based on the previous action during the halving event, bitcoin always started its up trend just before the event take place, after that we'll see the consolidation stage before the price goes higher. So, looking at this action, I do believe some move upward is imminent just before the halving take place.
Now, in align with the halving momentum, the EW count itself is showing us a potential upward moves to the anticipated region of $10500 which is the interim swing high region. And the fact that the sub wave 4 of the wave 3 in general has finished, this means we are currently at the sub wave 5 of the wave 3 now. After touching the $10500 region, I'll expect a correction wave of 4 which is the main trend of current EW structure.
Based on the oscillator indicator which I use RSI, it hasn't entered again the overbought region which makes the divergence as an early sign of reversal is not valid yet. Usually when the RSI re enter the overbought region for the second time and the peak of the 2nd attempt can't breaches the peak of the first attempt, that is the right time to enter short position in the market. This time, it's still a long way to go and $10500 could be a perfect place to enter short for short term.
My current bias for short term is bullish after all.
