ElliotCM

Bitcoin sideways motion before resurgence!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BITFINEX:BTCUSD

Past Trend

Bitcoin has hit my last price target of $7127.80, 48 hours ago and is currently reconsolidating price action. It is clear that the crypto market had bottomed on
the 13th of August 2018 and is ramping up for a complete market reversal to the bullish side, stemming in early to mid-September 2018. We are currently in wave 4 of Elliott Wave down to the support level of $6770 (which was previously resistance). We can anticipate some sideways action over the next 72 hours, before price action re-tests the ceiling of $7120, and perhaps puncturing it.

RSI

RSI is currently sitting at 54 and we can expect for it to fall further to the ~40 range over the next 3 days whilst price action reconsolidates from the previous push up.

Ascending Wedge

The wedge has been raised further seeing that the ascending trendline is still yet to be broken by the bears. We can expect the price to retrace within the wedge to the low $6800s and to move sideways to the heights of $7100.

Momentum

Momentum is losing its steam on the 4-hour chart seeing that price had just hit the target of $7127.80 and is currently in the period of retracement. The trix indicator has finally broken its gradual increasing momentum build up from the 8th of August 2018, indicating sideways movement for the short-term.

Elliott Waves

We are currently in wave 4 of the current fractal upward. We should expect price reconsolidation over the next 3 days before the price will re-test the ceiling of $7120 and maybe reach for the next Fibonacci target range of $7430-$7600.

Things to keep in mind

Price is in retracement phase after hitting the previous Fibonacci price target
We are in the 4th fractal of Elliott Wave theory
The market will move sideways for the next 3 days


Overview

The market is currently retracing and will be moving sideways for the next few days and we can expect a retest of the ceiling ($7120), and possibly puncturing it to the next target levels of $7430-$7600.

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ElNOIV
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