Bitcoin wave analysis
Updated
I think that
- from 9950 to 7000 that was a set of 9 wave(with 5th extention).
- now it's the corresponding retracement of that 9 wave.
- they are 1,2 wave of big C wave to 5000.
- stochrsi is overbought.
- 1D chart rsi(hlc3) is already 45, which is big resistance in such bear market.
conclusion: price may drop from 7800 hopefully.
- from 9950 to 7000 that was a set of 9 wave(with 5th extention).
- now it's the corresponding retracement of that 9 wave.
- they are 1,2 wave of big C wave to 5000.
- stochrsi is overbought.
- 1D chart rsi(hlc3) is already 45, which is big resistance in such bear market.
conclusion: price may drop from 7800 hopefully.
Note
now raising wedge is forming, which indicates small price rise then drop
Trade active
support reachedNote
rsi 45 strong resistance
Trade active
Note
4th wave in wave C is nearing end
Disclaimer
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.