BTC possible correction but more bearish activity to come
Looking at the weekly chart, we are approaching strong support at the 50dayMA level (thick green line).. Next level of decent support if that does not hold is around 17k (agh!) ... MACD and Fisher Transform are looking to reverse soon, however the volume of activity will determine the magnitude of correction. I am not too hopeful, as the Elliot Wave analysis I'm doing is telling me that we are in a downward cycle, around wave III-IV ... so we have yet to see the 5th wave. With Wave III so steep, we should see a more gradual and less severe decline in wave V. Also, still bumping along BBands and recent death cross in Day chart does not bode well. Keeping an eye on ETH would be a good idea as I feel there may be a changing of the guard, or possible merge I even heard. Tough one, can't call it, but I'm going with short. What do y'alll think?
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