BTC/USD. *Another leg down within a few hours*
Hi there. I bring you another bearish analysis of BTC.
I don't think that the correction is over. Bulls can't take control at the moment. Final target still remains at $4000-5000.
Now, a bearish pennant is forming (maybe it could turn into a rising wedge, forming higher highs ($7500-7600 maximum, imo). The target for this pattern is about $5900-6000. It would match with the swing low (February 6). Based on Elliot Waves, the high probability zone is the same, but in my count it would be a wave 3, so I would still miss a wave 5.
Indicators: MACD and RSI are showing a hidden bearish divergence (price does lower highs and indicators do higher highs). On the other hands, the RSI is forming a rising wedge.
I don't think that the correction is over. Bulls can't take control at the moment. Final target still remains at $4000-5000.
Now, a bearish pennant is forming (maybe it could turn into a rising wedge, forming higher highs ($7500-7600 maximum, imo). The target for this pattern is about $5900-6000. It would match with the swing low (February 6). Based on Elliot Waves, the high probability zone is the same, but in my count it would be a wave 3, so I would still miss a wave 5.
Indicators: MACD and RSI are showing a hidden bearish divergence (price does lower highs and indicators do higher highs). On the other hands, the RSI is forming a rising wedge.
Comment:
Bigger picture:
Comment:
I forgot it, but:
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
Trade active:
MACD crossing down and RSI rising wedge broken!
MACD crossing down and RSI rising wedge broken!
Trade active:
Pennant has been broken. Maybe it could retest the bottom line, but target is still the same
Pennant has been broken. Maybe it could retest the bottom line, but target is still the same