Short

Rising wedge and Bearish Divergence. Prepare for correction

Updated

We can expect an ABC correction down to 8800 USD for BTC. Bearish divergence on 4hr chart shows that correction is incoming.
This chart shows the Elliot Wave analysis:

First Elliot wave of BTC uptrend has almost been completed.

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Detailed analysis of ABC correction

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Downtrend still valid and in line with ABC correction. Currently in B correction up to 9.5k. After that we can expect another drop in 5 waves down to 8.8k.

No predictions here - only possibilities

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Price Volume per Price Range is very strong at current level.
Bitcoin on 4Hr chart looks oversold. May be a good position for a partial long position now.

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Looks like the Bears are still in the game. Downtrend is continuing and btc is still oversold on the 4hr chart.

mboss_37

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