Short term analysis: ending diagonal

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I assume price traces giant triangle correction since ATH . It is interesting that B-waves inside have impulsive subcounts.

We have wave b of (C) here in its termination state, which shows textbook ending diagonal with falling volume and multiple oscillator bearish divergences. Ending diagonal allows some upside from here even temporary breaking resistance lines. But not too much, I think $11000 level will invalidate this idea completely.

If this idea is correct, price should fall from current levels down to weekly MA 200 in term of 1-3 months.

Breaking upper bold red line (now or later) will open door to long bull run.

Price is long-term bullish while it stays above weekly MA 200.


dear PentarhUdi, does that mean you are abandoning your own long term prediction for this year ??!?

+23 Reply
@mikenz, no. Just don't mix up long term and short term.
+15 Reply
mikenz PentarhUdi
@PentarhUdi, good to hear, but if we go back to 6k until april or may it wont match your long term chart anymore !??
+7 Reply
nmrs mikenz
@mikenz, yes u right it will not match
+3 Reply
@nmrs, well it doesn't need to be exactly as drawn on the long term chart.
PentarhUdi goshetovan
@goshetovan, yes, and it also don't need to be straight. I drew it just to show start of climbing to a new highs. It was far future when I did it.
goodbad666 PentarhUdi
@PentarhUdi, what’s your opinion on corona virus (and potential global recession) ? How it may impact bitcoin price?
+1 Reply
PentarhUdi goodbad666
@goodbad666, coronavirus - fake news. recession - coming.
+3 Reply
goodbad666 PentarhUdi
@PentarhUdi, spasibo babka, ostaetsa nadezhda, chto vo vremia zamesa "umnie parni c wall street"(c) ne budut dumpit' v pol batiy kak peni stock
+1 Reply
vx7777 goodbad666
@goodbad666, budut
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