Bitcoin shows momentum yet unable to reach the tip of the resistance area at 30300 - 30400 area (yellow rectangle) this might confirm the wave04 of the Elliot wave from our previous analysis.
However we are at minor support 29400-29500 and waiting for Bitcoin to show a momentum upwards to break the resistance area or will Bitcoin finish the Elliot wave targeting...
Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and volume is well below that of wave three.
this will invalidate once BTC price rises and breaks the resistance area and creates new high in the market
using fibo, we are looking for 50% retest from bitcoin, this will follow for every price action in lower time frame.
we are now seeing a red candle for weekly time frame and we are looking if this will continue for the rest of the week.
We are still on consolidation on Bitcoin and we are seeing a new support and resistance area. Once we break resistance area, we might see bull are on the move.
However, watch for the weekly candle as we are still on bearish momentum. There is a possibility that Bitcoin is making a wick for weekly candle and another massive drop for bearish weekly candle.
