After completing 12345 impulse move Bitcoin showing that it is currently in final corrective phase C of ABC. When bitcoin broke the rising channel it was the 1st sign that possibly the entire move up is 3 waves. after completing wave B of ABC, now it has broken 2nd support level marked on chart, this confirms that the entire rise was wave B, and currently we are in wave C of ABC, The parallel channel around the entire structure gives us the downside level of 30800 for wave C to complete.
Overall wave structure could be like this
macd in weekly
macd in daily
rsi in daily
Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.