BTCUSD: The 5th Wave May Ending, Important levels to Watch

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
On 4H chart price reached around 6200 level, approaching to the target of the 5th wave on daily chart mentioned in previous post.

RSI bearish divergence formed, now stepping down together with the price action, wandering within the oversold region.

Given the situation of rising dollar, probably the 5th wave is ending, either extensions or correction formation to be confirmed.

Carpe Diem, let's focus the smaller time frame to check the opportunities. There is a bullish shark pattern confluence with cypher pattern during 4572-4641 area. And previous structure at 3rd impulse wave during 5100-5150 may become the potential PRZ. Consider to buy if price hold tight.

I'm showing more interest on the unproven cycle theory in my last post,see the performance at mid Nov.


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