A quick update. A wedge pattern has formed. And a hanging man candlestick. It must close above 15,000 on the 4 hourly to avoid a declining wedge and hanging man candlestick that might indicate a trend reversal.
CRITICAL TIME NOW.
A daily update will follow this afternoon. We will get clarity soon as to the 12k plus target.
There's not enough demand for it to hit 12k right now. Too many sellers and not enough buyers. We should see a 20 to 40% dip before it heads higher. BTC usually dumps when the 4 hour RSI crosses 80.
krisorneelps
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@wernerbh, great find regarding the RSI 4 hourly bounce. There is definitely ceiling resistance at that point.
The next few hours will confirm either a wedge or a longer 3rd Elliot impulse wave.
Budshoot69
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Coincidentally it's at the end of subwave 3 also - there's a strong probability of a dip to $11000-$11100 before it consolidates and heads back up to test the $11,700. If we break through the $11,700 (VERY strong resistance previously), we're likely to surge to $12,800 where I believe will be the end of primary wave 3 and we'll see a nice dip for primary wave 4. I think it's going to have a hard time passing the 11.7K mark but the bull in me in rooting it on!
krisorneelps
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@Budshoot69, 100% agree with you and I'm conservatively targeting 12500ish for the end of the primary wave 3. 11.7k - 11.8k is such a strong resistance that we might need help from yoda to get above to reach higher grounds