Early yesterday we saw a sudden drop of the BITCOIN price followed by a short and shy consolidation movement upwards...
The drop was expected since the Elliot Wave count was alerting about that in order to complete a long 5-3-5 Correction...
The question is, does the drop terminated? It may have been terminated, actually it looks like a very short but probable 5th wave...
In order to know it we have to see how BITCOIN manage in front of the next resistance:
The RSI indicates oversold condition but the Constant Low Volume does not bode high hopes for recovery...
My plan keeps alive, for the moment, I think the 5th wave down is not completed yet since the spike down from yesterday looks more a 1st sub-wave building that 5th...
In any case, that Dark Blue Resistance is the key now.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Toofasteddie
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STOPTo support your work, I also upvoted your post!
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@toofasteddie, thank you for sharing this analysis with us. But, could you tell us at what price (level) the "C" wave, according to your analysis is going to end?
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No, I cannot tell you my friend, I’m not a wizard, just I describe what I see, but I believe around 3367 USD target is a good approach...
This is not a financial advice or recommendation. Do your own assessment as I know you used to do.
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Thank you for the answer!
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You are always welcome :-)
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