Welcome for another grand update on Bitcoin part of THE BEAR MARKET CONTINUES PART IX.
Since the last part, I have changed the main growth channel to a fib channel. I also changed the Invalidation level to 161.8% of wave (a). Notice where the Point of control of the entire BTC history is currently located.
On RSI you see a red horizontal line at 53.34. She was a support throughout the bull run in 2016-2017. Whenever the price fell below WMA 21, the RSI also fell below the red line.
Hidden GAP is a zone that the price just flew through and never tested.
This is a projection of Expanded or Irregular FLAT. In this correction, wave (b) must not return more than 161.8% of wave (a). That is still fulfilled. Wave (c) should return at least 138.2% of wave (b) (FINAL TARGET). The potential bottom is located at the bottom trend line of the growth channel.
I'm looking forward to your hate.
Good luck bulls.
Final Target = 1032.28 USD
Potential bottom = 925.91 USD
Hidden GAP 1319.47 - 1814.76 USD
Right Fibonacci Retracement wave (b)
Left Fibonacci Retracement wave (a)
Since the last part, I have changed the main growth channel to a fib channel. I also changed the Invalidation level to 161.8% of wave (a). Notice where the Point of control of the entire BTC history is currently located.
On RSI you see a red horizontal line at 53.34. She was a support throughout the bull run in 2016-2017. Whenever the price fell below WMA 21, the RSI also fell below the red line.
Hidden GAP is a zone that the price just flew through and never tested.
This is a projection of Expanded or Irregular FLAT. In this correction, wave (b) must not return more than 161.8% of wave (a). That is still fulfilled. Wave (c) should return at least 138.2% of wave (b) (FINAL TARGET). The potential bottom is located at the bottom trend line of the growth channel.
I'm looking forward to your hate.
Good luck bulls.
Final Target = 1032.28 USD
Potential bottom = 925.91 USD
Hidden GAP 1319.47 - 1814.76 USD
Right Fibonacci Retracement wave (b)
Left Fibonacci Retracement wave (a)
Comment:
Notice the giant bearish divergence on the RSI on the weekly chart and the declining volume.