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Downtrend most likely
Bitcoin / TetherUS
Short
Downtrend most likely
By fueledbynicotine
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Updated
Aug 4, 2020
8
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Aug 3, 2020
Massive hidden bearish divergence on RSI.
Potential completion of B wave in ABC correction (zig-zag or double three); might have another small leg up.
Perfect 1:1 extension unlikely so consider 0.618 area.
Target: ~$10,400
Aug 3, 2020
Comment
As usual, if you like my analysis, feel free to donate. It would help me immensely in churning out impressions at a faster rate.
ETH: 0xa54a772d2d6fD1B1E6d074376DDDE54B2c51c07F
Aug 3, 2020
Comment
Possible small leg to $11,500- $11,600
Aug 4, 2020
Comment
Downtrend occured as speculated.
Current issue is determining of the wave up is a part of Y or part of X (I believe it's most likely Y).
The red lines highlight the resistance zone with a boxed off target of ~$11,280. Should the resistance hold true, that area might be the pivot.
Anyway, the final target of $10,400 has not changed. We'll see how it plays out.
Aug 4, 2020
Comment
Edit: Wrong image pasted above
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