BTC can bounce or not?! There is 5 reason to say yes!
Updated
Hi; let's be clear. Everybody knows that i'm totally bearish but this is one of the probable scenarios that i wanna share with you guys.
first of all you can see a head and shoulders pattern and a broken neckline that targeting around 6950. So this target can be the end of current retrace (started from 7.5K)
Second sign is the fibonacci levels that showing us btc can retrace from 0.5 (6974).
Number 3 is the support line on 6940 (purple line). BTC can bounce from there too!
The other thing is very bullish right now is a Hidden Bullish Divergence in RSI on 1h time frame. (aslo we are getting oversold on rsi)
And the last idea is elliott waves. i think we started a new circle from 6.4K. So you can see the first wave is already done and we are probably on the second one! Whenever we're done with retrace, BTC can start the new (3rd) wave.
SO... AS ALWAYS... LETS WAIT AND SEE WHATS GONNA HAPPEN!
Peace <3
first of all you can see a head and shoulders pattern and a broken neckline that targeting around 6950. So this target can be the end of current retrace (started from 7.5K)
Second sign is the fibonacci levels that showing us btc can retrace from 0.5 (6974).
Number 3 is the support line on 6940 (purple line). BTC can bounce from there too!
The other thing is very bullish right now is a Hidden Bullish Divergence in RSI on 1h time frame. (aslo we are getting oversold on rsi)
And the last idea is elliott waves. i think we started a new circle from 6.4K. So you can see the first wave is already done and we are probably on the second one! Whenever we're done with retrace, BTC can start the new (3rd) wave.
SO... AS ALWAYS... LETS WAIT AND SEE WHATS GONNA HAPPEN!
Peace <3
Note
BTC is going to test 0.618 fib retrace (and maybe 0.78!)
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.