Hi everyone hope you all are well.
Right off the bat the main thing I noticed is that there was no volume behind the sell-off. What I mean by that is that we haven't seen the substantial volume a long with a bearish rejection candle formation. I would like to see the type of volume that we saw one Bitcoin sold off to 4K for one last time. To me this would indicate that Bitcoin has not reached a top. Because we have not seen that yet it leads me to believe that Bitcoin can still go higher from here. We may get a pull back as far as 38,000 also known as the 38% FIB level and the highest probable Target for a wave 4. It's important not to get sucked into the smaller time frames. We do have weekly RSI Divergence but the Elliott wave count and the type of volume that we see don't make bearish just yet. A topping formation would be something more like an inverted Hammer candle or a bearish engulfing candle with a ton of volume. What we saw these past couple of days looks to be reasonable profit-taking at the 2.618 level. This Bitcoin sell-off seems to be more attributed to the 4-Hour RSI Divergence that was building. If my analysis is correct we should see Bitcoin begin to trade into a triangle or bull flag type formation for a wave 4. The alternate count and the bearish scenario means Bitcoin back to 10K. I will be doing an update video on BTC soon.
FYI I am accumulating EOS,XRP, GAS and ETC right now
Thanks for your time,
Rigo
Right off the bat the main thing I noticed is that there was no volume behind the sell-off. What I mean by that is that we haven't seen the substantial volume a long with a bearish rejection candle formation. I would like to see the type of volume that we saw one Bitcoin sold off to 4K for one last time. To me this would indicate that Bitcoin has not reached a top. Because we have not seen that yet it leads me to believe that Bitcoin can still go higher from here. We may get a pull back as far as 38,000 also known as the 38% FIB level and the highest probable Target for a wave 4. It's important not to get sucked into the smaller time frames. We do have weekly RSI Divergence but the Elliott wave count and the type of volume that we see don't make bearish just yet. A topping formation would be something more like an inverted Hammer candle or a bearish engulfing candle with a ton of volume. What we saw these past couple of days looks to be reasonable profit-taking at the 2.618 level. This Bitcoin sell-off seems to be more attributed to the 4-Hour RSI Divergence that was building. If my analysis is correct we should see Bitcoin begin to trade into a triangle or bull flag type formation for a wave 4. The alternate count and the bearish scenario means Bitcoin back to 10K. I will be doing an update video on BTC soon.
FYI I am accumulating EOS,XRP, GAS and ETC right now
Thanks for your time,
Rigo
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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.