So, according to RSI and Volume flow we can definitely see that BTCUSD pair is showing big signs of bearish divergence. Price is moving higher making higher highs, but RSI shows lower lows which indicates that bulls are weak. Volume is also becoming lower day by day.
I expect correction to 8341 price level which is 0.786 fib level, if this level holds, then we go up again, but if doesn't we will go to another price level 7440 which is 0.618 fib level.
According to the last news from Facebook (libra cryptocurrency), we can make forecast that BTC should hold 0.618 level if it goes there.
Take in mind that we are still in ascending channel, if we break 8440, we will be on broadening ascending triangle, which is still uptrend.
I expect correction to 8341 price level which is 0.786 fib level, if this level holds, then we go up again, but if doesn't we will go to another price level 7440 which is 0.618 fib level.
According to the last news from Facebook (libra cryptocurrency), we can make forecast that BTC should hold 0.618 level if it goes there.
Take in mind that we are still in ascending channel, if we break 8440, we will be on broadening ascending triangle, which is still uptrend.
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Correction still is possible, by the theory of Elliot Waves we had 5 waves, now there should be correction waves, if after correction wave B it doesn't go down, then we will see upward movement as a continuation of uptrend till 15000-17000$.
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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.