Rising wedge and Bearish Divergence. Prepare for correction
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:
Note
Detailed analysis of ABC correction
Note
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
Note
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.
Note
Looks like the Bears are still in the game. Downtrend is continuing and btc is still oversold on the 4hr chart.
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.