Bitcoin gets into a corrective wave
Updated
We have a big list of clues that the bitcoin push is over at least for a little while and should start into a corrective wave from now.
- Fail of push over 9000, many longs got squeezed, they are starting to get fear, many wanted 10k but wasn't possible.
- Fibonacci Circle is over, often when a circle ends, a trend change can occur, market from bull can change to sideways or bear. Is not a wide used indicator but its very powerful, if you see the parabolic from 2017, when the circle is over the trend totally changed, we got a small circle running out here.
- Rising wedge. Classic bearish chart pattern.
- Volume Divergence, the price was pushing with less and less volume, people are not buying, if the demand decrease, the supply increases. basic market rules.
- Almost all indicators on divergences, rsi, macd, atr, obv, etc.
- By a bit more "advanced" Elliott Wave analysis we can identify clear 5 waves to the upside on this wave, the first cycle is over for wave 3, now we should expect a wave 4, often they retrace max 50% of wave 3, that's around 6200, but can be .38 and .61 retraces too.
Many reasons to be short, better risk rewards are on the short side at this point, seriously i don't see many reasons to be long right now. everyone is bullish but the indicators and the chart is praying for a correction.
- Fail of push over 9000, many longs got squeezed, they are starting to get fear, many wanted 10k but wasn't possible.
- Fibonacci Circle is over, often when a circle ends, a trend change can occur, market from bull can change to sideways or bear. Is not a wide used indicator but its very powerful, if you see the parabolic from 2017, when the circle is over the trend totally changed, we got a small circle running out here.
- Rising wedge. Classic bearish chart pattern.
- Volume Divergence, the price was pushing with less and less volume, people are not buying, if the demand decrease, the supply increases. basic market rules.
- Almost all indicators on divergences, rsi, macd, atr, obv, etc.
- By a bit more "advanced" Elliott Wave analysis we can identify clear 5 waves to the upside on this wave, the first cycle is over for wave 3, now we should expect a wave 4, often they retrace max 50% of wave 3, that's around 6200, but can be .38 and .61 retraces too.
Many reasons to be short, better risk rewards are on the short side at this point, seriously i don't see many reasons to be long right now. everyone is bullish but the indicators and the chart is praying for a correction.
Trade active
Continuing to the trade idea we got a nice harmonic giving us a nice entry with tight stop at 8629 levels., to complete 5 waves to the downside and confirm the downtrend.
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