We believe in the possibility of a high engulf that executes the price recovery to the previous highs. However, the indicators on the Bitcoin weekly chart begin to trigger an alternating current towards the continuation of the correction.
On H4, the EMA9 looked for the price, but on D1 it is still ongoing. That translated into our language means price convergence for shorter times, but divergence for longer times.
In the case of the week chart, with the break of the 0.5 Fibbo at 11394 and the EMA9 at 10652, there is no clear support to say that we are safe in opening positions. Anyway, there was a close with the touch of the EMA21 at 9963 and with a pivot at the current price of 10263.
The big problem that we have is the possibility of crossing the MACD in favor of the bears, following by the deficit of the trading volume and the RSI wanting to lower values below 52.
If all these indicators are met and Bitcoin breaks our trend support at the junction of the 0.6 fibbo at 9441 along with our trend EMA34, we could be seeing the price ending a wave 4 and testing the EMA50 at 9096 and the prime region ichimoku support at 8848.
Extreme market points: EMA100 at 8213 along with the ichimoku pivot and bollinger bands at 7437 along with the completion of the ichimoku accumulation at 7185.
If you have a different opinion, use the text box and tell us what your market perspective is for the next few weeks.
On H4, the EMA9 looked for the price, but on D1 it is still ongoing. That translated into our language means price convergence for shorter times, but divergence for longer times.
In the case of the week chart, with the break of the 0.5 Fibbo at 11394 and the EMA9 at 10652, there is no clear support to say that we are safe in opening positions. Anyway, there was a close with the touch of the EMA21 at 9963 and with a pivot at the current price of 10263.
The big problem that we have is the possibility of crossing the MACD in favor of the bears, following by the deficit of the trading volume and the RSI wanting to lower values below 52.
If all these indicators are met and Bitcoin breaks our trend support at the junction of the 0.6 fibbo at 9441 along with our trend EMA34, we could be seeing the price ending a wave 4 and testing the EMA50 at 9096 and the prime region ichimoku support at 8848.
Extreme market points: EMA100 at 8213 along with the ichimoku pivot and bollinger bands at 7437 along with the completion of the ichimoku accumulation at 7185.
If you have a different opinion, use the text box and tell us what your market perspective is for the next few weeks.