Bitcoin - Ending Diagonal

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 Bitcoin 4 hour chart


Analysis

Bitcoin continues to move in a sideways direction but the movement is tilted as if accumulation is happening at lower levels. A tilted fall is to be cautious that the selling will not intensify. This pattern in common tongue is known as falling wedge and there is still no breakout occurring.

The Relative Strength Index is exhibiting positive divergence as and when the wedge was forming.

According to wave theory, prices might have completed wave iv and wave v on the lower side of ending diagonal is pending which can infuse selling pressure dragging prices towards $15200-$1500 levels over short term.

The summation is Bitcoin will remain in a sideways to negative terrain and the level of $15200-$1500 is pending on the downside.

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