As we can see that BTC is ranging around major support at 28k. we have two scenarios here either BTC will follow the falling wedge and fill up the CME gap at 35k, Grab the liquidity around that area and falls back around 19k. That way we can confirm that we're still in accumulation phase, Or we can see historical rally as we can see big double bottom pattern...
so guys, recently i had published an Analysis where I had mentioned about possible ABC correction of Elliot waves and It seems its following the same. Here we are with the weekly candlestick chart below 21 ema indicator which indicates weakness and is bearish, However good thing is we're still above key support level of 40k-42k. If it's to reach the support level...
So now the NAKA has broke out of falling wedge, I'll wait till it retests and take support at 60 of RSI indicator. Most of you would say the range of RSI indicator is between 70-30. But i'ld say check my 5 strategy of using RSI indicator.
Uptrend- 40-80
Strong Uptrend-60-80
Downtrend- 60-20
Strong Downtrend-40-20
sideways- 40-60.
This is just my way of using...
Just an analysis on elliot waves. as We can see that we're on ABC correction of 3rd impulsive wave which can go further down below 40k range if we didn't see the volume there then we'll be heading toward 31k to 28k where there is Another demand zone.
This is just my analysis on how bitcoin will react on coming days. as we're on abc correction after 3rd wave i believe it will go down further more before marching for new ath.
