BTC - correction time
Updated
Why are we saying that?
- we had a 28% almost perpendicular move without correction
- (for the moment) 12h RSI has a bearish divergence + daily TD8 out of 9 near major resistance
- volume is decreasing
- we are at the 1.618 extension of the impulse from 5780 to 6839
If the sentiment is bullish price should not fall under 7091 (0.382). The next support is at 6899 (0.5 & IH&S's neckline).
The neckline is the last line of defense for the bulls. If we break it chances of creating a new low are quite high.
Short between 7700 and 7900
SL: 8100
TP1: 7100
TP2: 6900
- we had a 28% almost perpendicular move without correction
- (for the moment) 12h RSI has a bearish divergence + daily TD8 out of 9 near major resistance
- volume is decreasing
- we are at the 1.618 extension of the impulse from 5780 to 6839
If the sentiment is bullish price should not fall under 7091 (0.382). The next support is at 6899 (0.5 & IH&S's neckline).
The neckline is the last line of defense for the bulls. If we break it chances of creating a new low are quite high.
Short between 7700 and 7900
SL: 8100
TP1: 7100
TP2: 6900
Comment
On the linear scale the price encounters even more resistance at this level.
Comment
12H MACD, RSI and STOCH RSI divergence.
Comment
ABC or 1-2-3-4-5?
If it's ABC then it's not good for the bull because 5100-4800 is waiting for us. This scenario is invalidated if we break 8000. If it's 1-2-3-4-5 then we should have a correction to the highest probability zone for wave 4 - between 0.382 and 0.5.
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