Bicoinusd
BTCUSD : patienceI think to buy, the blue square is a great option:
about 6000-6,500$ in the middle of December
BTCUSD price moves down to consolidate before the next growth At the 4-hours timeframe chart we can see the most relevant Bitcoin's price action.
Decrease started on 10th of July formed a small triangle which was easily broke up by bulls with insignificant volume increase. The price bounced from $9 060 to $11 160 level which equals 23.1% growth within 3 days. Rapid growth brought uncertainty and fear to market which is reflected by volume decrease, bears took power over the market.
Such price action created the second and the major triangle pattern which again was broken upward. The result was a positive mood among market players and subsequent 5 Elliott impulse growth waves. However there was no volume growth and thus the price started to crawl at the upper edge of adjusted RSI band. Once the price touched strong Fib 0.236 resistance it sharply went down to the parallel channel liquidating any potential of FOMO growth and breaking the resistance. Another band touch happened a day later, subsequent rejection created double top and closed the trap for bulls.
Currently we see a great potential of breaking parallel channel down triggering stop losses of recent longs which will result in sharp drop to $11 118 level and subsequent gradual decrease to the point (C) according to ABC Elliot corrective waves which is near to Fib 0.5 major support level. The forecast is enhanced by technical indicators state: we have no divergence, there is increasing volatility without tension and we are neutral according to CCI. Nevertheless we still have positive Ichi, Stoch and EMA 20 and 50 crossing.
We expect a short term decrease with a subsequent bounce from the support level. Such price action will be accompanied by a rise right to the mentioned at the chart levels.
