BitcoinLong
BTCUSD: Daily Ascending Channel or ABC completion of Weekly?
Bottom-up Analysis:
1. 4H:
1.1. SRSI & MFI: Overbought; So, $49 - 52K are not out of reach.
1.2. RSI (14): Escalating for the last 2 Weeks. Loosing strength now.
1.3. If Elliots are to be correct, then can be a confirmation for the downturn to above targets by completing the 4th wave.
2. Daily:
2.1. MFI (2, 14): MFI (2) Overbought & MFI (14) has made a lower high representing lower money flow.
2.2. SRSI: Overbought (saturation in this time frame can be a confirmation for 4H Wave Counting matching the end of the 3rd wave).
2.3. RSI (2, 14): RSI (14) has made a lower high at the moment. RSI (2) is another confirmation for probable price dip.
3. Weekly:
3.1. MFI (14) got flat, but MFI (2) at 100 is fully saturated.
3.2. SRSI: just entered into the OVERSOLD ZONE. Can be implicating that for a couple of days downturn is possible if it plunges more & stays there.
3.3. $54,641 has to be broken, or a Weekly ABC while B is apparently shaped can be possible. If so, then $37,726 would not be impossible.
To conclude:
- 4H: downturn to $49 - 52K is deemed quite possible.
- Daily & Weekly: A few days correction is expected in daily. Weekly ABC correction pattern and plunging into prices lower than
42K means to pass through well-established abovementioned price. If it is penetrated $28 - 38K can be considered.
It is not a financial advice.
1. 4H:
1.1. SRSI & MFI: Overbought; So, $49 - 52K are not out of reach.
1.2. RSI (14): Escalating for the last 2 Weeks. Loosing strength now.
1.3. If Elliots are to be correct, then can be a confirmation for the downturn to above targets by completing the 4th wave.
2. Daily:
2.1. MFI (2, 14): MFI (2) Overbought & MFI (14) has made a lower high representing lower money flow.
2.2. SRSI: Overbought (saturation in this time frame can be a confirmation for 4H Wave Counting matching the end of the 3rd wave).
2.3. RSI (2, 14): RSI (14) has made a lower high at the moment. RSI (2) is another confirmation for probable price dip.
3. Weekly:
3.1. MFI (14) got flat, but MFI (2) at 100 is fully saturated.
3.2. SRSI: just entered into the OVERSOLD ZONE. Can be implicating that for a couple of days downturn is possible if it plunges more & stays there.
3.3. $54,641 has to be broken, or a Weekly ABC while B is apparently shaped can be possible. If so, then $37,726 would not be impossible.
To conclude:
- 4H: downturn to $49 - 52K is deemed quite possible.
- Daily & Weekly: A few days correction is expected in daily. Weekly ABC correction pattern and plunging into prices lower than
42K means to pass through well-established abovementioned price. If it is penetrated $28 - 38K can be considered. It is not a financial advice.
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.
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.