Today I update the analysis on CME because today, it is breaking the support of the trend line and the 50-period moving line.
And I will analyze possible correction objective, analyzing according to elliot
Let's see
Following the price of Bitcoin by CME for days has made it easier to predict possible up or down movements
Daily Analysis
Chart from a few days ago
Analyzing the chart we see that in its bullish cycle, reaching a maximum, and the RSI shows a divergence and the Bitcoin correction begins
In its correction it breaks the support of the MA line of 21 periods and reaches the mean line MA of 50 periods daily chart
Current chart
The bullish trend line was adjusted and it coincides where the 50-period daily chart is at.
Today finishing the candle below the 50-period median line would confirm the breakout (which would be another bearish signal)
Keys
- 1-day RSI chart shows divergence
- Break the support of the average of 21 daily periods
- The price is breaking the 50-period line, which serves as support (Bad signal)
- You could lose the bullish trend line
The important thing would be to control the price of Bitcoin and the MA line of 100 daily periods.
Why?
The 100-period 1D MA line in the CME has indicated a trend in the Bitcon price in the coming weeks.
Losing the 100 period MA line would be an indication of a deeper Bitcoin price correction
Fibonacci Analysis
As we see, the price has slowed down in the Fibonacci retracement of 0.238, if it breaks, the price could reach up to $ 8110 dollars reaching the 0.382 of fibonacci retracement
Elliot wave analysis
We can already take information about their movements and define an ABC correction
Where the waves AB would already be formed, and C would be formed if the price were to break with a good volume, in correction with a goal of $ 8130 dollars
In conclusion, we can already define a descending target. But the price should go back with good volume confirming the break of the 50-period MA average line in Graph 1D, on the downward path it would also break the 100-period MA average line, which would indicate a continuation of the correction.
What you think?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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