Bitcoin BEARISH FORMATION could execute the correction [BTC/USD]
Hey hey hey, I'm finally back with a bitcoin TA! (rhyming game strong)
Lets get roight into the action.
BTC/USD 1 Day TF (left)
Fib Retracement~ Could bounce off the 9.3k fib line and retest the fib line above with a potential chance to break.
MA Cross~ Bearish cross could lead to downtrend, could break this fib line and head to one of the given supports. 8-8.5k is a likely target to be watching the action reverse at these points.
Corrective Wave~ The ABC corrective wave pattern is still to find the end of B, meaning there is potential to go further before we start out C leg.
BTC/USD 4H TF (right)
Head & Shoulders~ Strong bearish formation playing out looking to lead us into downtrend after maybe a tiny upwards movement off this fib before breaking it.
Fib Extension~ Upwards momentum looking to extend us over time, however after a brief period of extension occurring and now currently sitting on the support selling action could push the price down past the 9.5k fib line to the next fib line.
MACD~Bearish cross.
ADX and DI~ Confirmed a weak downtrend is occuring, with ADX line above 20 and DI+ distance increasing from DI-.
RSI~37, not largely oversold to bring immediate buying action but indicating buying action is on it's way.
Conclusion~
Most probable outcome will be a small decline then a bounce off a support or fib line (8, 8.5k), strong buying action could occur triggering an uptrend (wave C of the corrective wave) and continuation of the bullish movement where we will see hard resistance around the 11.3k in mid term (0.382 fib line).
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Lets get roight into the action.
BTC/USD 1 Day TF (left)
Fib Retracement~ Could bounce off the 9.3k fib line and retest the fib line above with a potential chance to break.
MA Cross~ Bearish cross could lead to downtrend, could break this fib line and head to one of the given supports. 8-8.5k is a likely target to be watching the action reverse at these points.
Corrective Wave~ The ABC corrective wave pattern is still to find the end of B, meaning there is potential to go further before we start out C leg.
BTC/USD 4H TF (right)
Head & Shoulders~ Strong bearish formation playing out looking to lead us into downtrend after maybe a tiny upwards movement off this fib before breaking it.
Fib Extension~ Upwards momentum looking to extend us over time, however after a brief period of extension occurring and now currently sitting on the support selling action could push the price down past the 9.5k fib line to the next fib line.
MACD~Bearish cross.
ADX and DI~ Confirmed a weak downtrend is occuring, with ADX line above 20 and DI+ distance increasing from DI-.
RSI~37, not largely oversold to bring immediate buying action but indicating buying action is on it's way.
Conclusion~
Most probable outcome will be a small decline then a bounce off a support or fib line (8, 8.5k), strong buying action could occur triggering an uptrend (wave C of the corrective wave) and continuation of the bullish movement where we will see hard resistance around the 11.3k in mid term (0.382 fib line).
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander