Bitcoin Elliott Wave Analysis
Bitcoin 4 hour chart
Analysis
From the above chart,
the crypto continues to trade below the falling red trend line which gives an
indication that the trend is firmly negative. However, it seems that the trend
will change or it is in the process to change. The price confirmation can only
be obtained once the red falling trend line is crossed and it is sustained
above it, this will open positive possibilities.
Another indicator is RSI
which is exhibiting positive divergence, giving an indication that the downside
is minimum from current levels.
As far as Elliott
Wave counts, prices are moving in wave v and in wave v it is forming ending
diagonal. Recently it completed wave iv of wave v near the resistance and
reversed. Now it is moving down to form wave v of wave v.
The summation is Bitcoin
can dip towards $17800-17600 levels over short term.
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