Bitcoin has been continuing to consolidate for the last couple days. Price is being squeezed within a wedge. It'll more than likely break up or down by the end of the day. It looks like a temporary break down is more likely, before continuing the uptrend.
Is this just a guppy rally? What would indicate a longer term bull run? I cover all this and more in today's video.
Video Analysis:
Please watch the above video for detailed analysis not found in the screen shots below.
Waiting for price to breakout of the wedge. If it breaks down (which I expect it will), we have strong support between $6,380-$6,330. I'd expect a bounce between $6,400-$6,350.
My big picture count has Bitcoin in an ABCDE correction. Volume continues to decline on the larger time frames. A break above the descending resistance line would invalidate the ABCDE count. That would mean bitcoin would more than likely be in 5 waves up, with prior completion of an ABC correction. Much more detail in the video.
Bearish divergence on the MACD suggests we will likely see a temporary drop in price in the next few hours. As stated, I believe a drop to the $6,400-$6,330 support zone is likely.
The 4 hour RSI has developed an ascending support line. I’d expect a strong bounce off this area if the RSI drops that far.
Zoomed in, we can see what appears to be a leading diagonal. If the 5th wave is complete, I’d expect an ABC correction as indicated. This will likely test the $6,350 support zone where I’d expect a bounce.
Please watch the above video for MUCH more detailed analysis.
Let’s see how the next 24 hours unfold.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
This is one of the great Bitcoin analysis. Thank you !
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wow thanks sir for this information
My pleasure.
Have you any idea about current movement of BITCOIN, is going up down?
As I stated in the title, I expect a temporary drop in price, followed by continuation of the uptrend. Please watch the video for more detail.
@workin2005 yes, as the pattern making there is a chance to down a market . Bitcoin price may get down than the last some days. So day trader be careful
Hello perfect, look at my analysis https://steemit.com/deutsch/@cultus-forex/erobern-wir-die-wolke