Bitcoin BTCUSDT - Elliott Wave + 0.786 FIB + Falling wedge!
- Bitcoin on the weekly/3D chart is currently sitting on the main support: Previous 2017 Swing high + 0.786 FIB + ABC correction completed!
- We are also forming a falling wedge pattern, which is definitely a good sign and can lead to a new bullish trend.
- As per my Elliott Wave analysis - ABC correction should be completed successfully!
- If you check the RSI indicator, you can spot another falling wedge + oversold condition.
- Volume analysis - huge capitulation spikes, which usually indicates trend reversal.
- We have a bullish hammer candle on the D/3D chart - indicating a rejection to go lower.
- I do not see any reason why bitcoin should not respect the previous all time high support from 2017 (around 20 000 USD).
- We are also forming a falling wedge pattern, which is definitely a good sign and can lead to a new bullish trend.
- As per my Elliott Wave analysis - ABC correction should be completed successfully!
- If you check the RSI indicator, you can spot another falling wedge + oversold condition.
- Volume analysis - huge capitulation spikes, which usually indicates trend reversal.
- We have a bullish hammer candle on the D/3D chart - indicating a rejection to go lower.
- I do not see any reason why bitcoin should not respect the previous all time high support from 2017 (around 20 000 USD).
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