BitcoinLong
BTCUSD : Waiting for confirming price action
After tough correction, BTCUSD made a falling wedge formation as the ending diagonal and started recovery. (more details of this falling wedge was posted on April 13th at white6intelligence.com)
The recovery was halted in early May and the bitcoin experienced almost 20% drop in USD top-to-bottom so far.
Is the rally completely over or Is this correction just a bump in a big rally? Elliott Wave count suggests to wait just a bit to confirm to be bullish.
The rally shown in the chart is a classic impulsive move.
The recent correction after the rally can be labeled as (A)-(B)-(C) correction. (C) is slightly longer than (A), but perfectly landed at 50% retracement of the April rally.
If this count is right, the next wave is up.
However, this count needs some more verification to be sure:
(1) the price should go above (A) to confirm the correction was indeed three-wave move.
(2) the RSI should go above 60 handle and stay there. RSI 60 is a bear market resistance and this needs to be cleared to go confidently bullish.
So, bullish with caution. If the price will fall back below the currently labeled (C), the alternate count will weigh more.
Some other chart analyses can be found at:
white6intelligence.com
The recovery was halted in early May and the bitcoin experienced almost 20% drop in USD top-to-bottom so far.
Is the rally completely over or Is this correction just a bump in a big rally? Elliott Wave count suggests to wait just a bit to confirm to be bullish.
The rally shown in the chart is a classic impulsive move.
The recent correction after the rally can be labeled as (A)-(B)-(C) correction. (C) is slightly longer than (A), but perfectly landed at 50% retracement of the April rally.
If this count is right, the next wave is up.
However, this count needs some more verification to be sure:
(1) the price should go above (A) to confirm the correction was indeed three-wave move.
(2) the RSI should go above 60 handle and stay there. RSI 60 is a bear market resistance and this needs to be cleared to go confidently bullish.
So, bullish with caution. If the price will fall back below the currently labeled (C), the alternate count will weigh more.
Some other chart analyses can be found at:
white6intelligence.com
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