#BITCOIN - Tend to Believe in Small Rollback!
Well, as we expected yesterday, the price dumped to the $6600 support zone. Currently, on RSI chart we can see something which pretends to look like a convergence, but the second low point is located slightly below the first one. Despite it is a very weak bullish sign, but still.
Moreover, we can see a positive reaction to the support level, volumes are good too. In my opinion, I described enough factors for the price to go upwards from current points, at least in order to do a correction of the recent dump. Targets for this movement are $6725 and $6855. If the price takes hold above the second target,
BTC would come back above $7000.
***
Before publishing this idea, I've noticed an interesting thing. The price has drawn something very similar to the Elliott Waves pattern. We can see waves 0-3 and now there should be a rollback (3-4) and then a wave down (4-5). One thing is unclear - where the wave 4 will end (watch the chart).
Anyway, I tend to believe in at least a small rollback there. The market is risky, advice you to reduce % of deposit which you invest in trades.
Moreover, we can see a positive reaction to the support level, volumes are good too. In my opinion, I described enough factors for the price to go upwards from current points, at least in order to do a correction of the recent dump. Targets for this movement are $6725 and $6855. If the price takes hold above the second target,
BTC would come back above $7000.***
Before publishing this idea, I've noticed an interesting thing. The price has drawn something very similar to the Elliott Waves pattern. We can see waves 0-3 and now there should be a rollback (3-4) and then a wave down (4-5). One thing is unclear - where the wave 4 will end (watch the chart).
Anyway, I tend to believe in at least a small rollback there. The market is risky, advice you to reduce % of deposit which you invest in trades.
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