Bitcoin : Confirmation of B, officially lose the minor support
Hello fellas, here we go again with the analysis of bitcoin in short term view. Let's make it short and essentials.
First of all, This analysis will continue the previous bitcoin analysis and bias on the short term which is still valid for now and if in my previous analysis, I said that there might be a potential of the price to reach the $9000 region again to complete the B wave structure, It's now become invalid whatsoever. Here in this newest analysis about bitcoin in daily view, I feel that the abc structure has already completed to confirm the B wave in higher degree.
Beside the elliot wave count which is still premature and this count however is very subjective to every trader's bias, I have to find some confluences reasons that might support my current bias for down trend. So, here are some confluence reasons that make me believe that the price is entering the bearish stage again :
1. The price has already broken down the minor support around $7150 region
2. Looking at the histogram on MACD oin daily time frame, we can easily deduce that the bears are in control for now with the histogram forms a lower high structure and the lower moving average is very likely to crosses down the higher period of moving average in MACD.
3. A series of lower low and lower high has already formed and it simply denies my previous bounce bias.
4. Based on higher degree of elliot wave count, there is still 1 more wave that potentially occur during this very complicated correction structure which I will label it as the W wave in higher degree.
5. Looking at the btcusd long positions on bitfinex, we can see that the long is starting to decline in the last few days and will indicate the long squeeze to occur very soon in the future.
In conclusion, I will look for the long entry around the red region between $6000-$6300 considering there is a huge price action activity occur at that area which make this as another strongest support in the mid term.
First of all, This analysis will continue the previous bitcoin analysis and bias on the short term which is still valid for now and if in my previous analysis, I said that there might be a potential of the price to reach the $9000 region again to complete the B wave structure, It's now become invalid whatsoever. Here in this newest analysis about bitcoin in daily view, I feel that the abc structure has already completed to confirm the B wave in higher degree.
Beside the elliot wave count which is still premature and this count however is very subjective to every trader's bias, I have to find some confluences reasons that might support my current bias for down trend. So, here are some confluence reasons that make me believe that the price is entering the bearish stage again :
1. The price has already broken down the minor support around $7150 region
2. Looking at the histogram on MACD oin daily time frame, we can easily deduce that the bears are in control for now with the histogram forms a lower high structure and the lower moving average is very likely to crosses down the higher period of moving average in MACD.
3. A series of lower low and lower high has already formed and it simply denies my previous bounce bias.
4. Based on higher degree of elliot wave count, there is still 1 more wave that potentially occur during this very complicated correction structure which I will label it as the W wave in higher degree.
5. Looking at the btcusd long positions on bitfinex, we can see that the long is starting to decline in the last few days and will indicate the long squeeze to occur very soon in the future.
In conclusion, I will look for the long entry around the red region between $6000-$6300 considering there is a huge price action activity occur at that area which make this as another strongest support in the mid term.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.