BITSTAMP:BTCUSD   Bitcoin / Dollar
631 3 6
It has been almost 4 months now since BTC started moving upwards. We have not witnessed bigger correction since end of September. Therefore some kind of correction would be welcome at current place and time. One can see some weakness on daily chart where RSI is likely to form negative divergence. Also volume on all "western" exchanges has been lower recently (within subwave 5) then before (within subwave 3).

There are two possible ways correction can develop if we are to stay within bullish scenario:
1. Correction down to 300 area. Subwave 4 finished in this region so it should act as support zone. This is illustrated with yellow arrows.
2. Much smaller local correction right now. Then significant move upwards, another small correction and final push upwards. This is illustrated with green arrows.

Those scenarios will be invalidated if weekly candle closes below 300.
JoE
a year ago
Everybody is talking about pullback to $300, but there's no sign of trend change.
+1 Reply
ryopphdi JoE
a year ago
Hmm, I have not seen much talk about $300. Also trend would be changed in case $300 is broken IMHO. Unless this happens I'm leaning more to the bullish side for a time being.
Reply
ryopphdi
a year ago
It seems the first scenario was chosen - move downwards towards $300. Since this is correction of whole move which started in August this will take some time to develop.
Reply
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