The market has already bottomed out and is consolidating to make its new move to break the old resitance, I have ppointed out the trends and have indicated the market can react at the given situation.
This is not financial advice ;)
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I have chosen this ABCDE triangle wave as my primary count on the daily time frame, which also looks like an ascending wedge pattern wise. Ascending wedges are usually a bearish reversal pattern but can be used within a larger movement. So, technically my downside targets are near the wedge bottom ( USD 3100-3200 level) , where it'll be crucial to watch if the...
Bitcoin has been showing strong uptrend and has bounced strongly from the demand zone of $3100 level.
If it manages to break the $4100-4200 level in the coming days then it will continue its bullish trend till next resistance $4700+ level.
If it doesn't break the $4100-4200 level then we might price see price dipping to <$3500...
with more difficulties scalping today i noticed similar walls and behaviour as july-august before we dropped from 7k to 6k. applying fractal made a lot of similarities.. are we printing 3k soon? when every TV user and his grandma are charting IHS to moon and beyond... the odds are we dont see 4k that soon.
no trade zone for me
Bitcoin has risen from $3121 to $4250 in 5 Elliot Impulsive Waves. By the time we reached $4250, the Bullish momentum has ran out. RSI was oversold and also StochRSI showing weakness in Bulls.
Since then, we're in ABC Zigzag correction. Currently, we're in C wave and possible target would be $3550 which is also 0.618 Fib level of this overall Bullish rally.
Bitcoin is going through massive pain areas as compared to the other cryptos, as it has been affected the most in this bearish time frame. We have given here the technical analysis for the long-term scenario and short-term scenario, with all of its possibilities. The price is volatile enough to move in any direction- up, down or sideways.
Bitcoin USD Live chart...
Some I'm currently more inclined towards the theory of us being at the end of wave B. If this is the case, B has retraced almost exactly to around 0.618 of wave A and we should expect a Wave C to take us to the 3590 range. I've showed my play on the chart . This is a pickup from the analysis linked below