willim1066

Bitcoin daily trend is UP, monthly trend is still going DOWN

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Bitcoin has reached the top line of long term descending channel on 4 September 2018, failed to break above it, and dropped from 7400 to 6100 this month. We're definitely still going through Wave C correction, which is not finishing anytime soon. BTC/USD Trade volume is drying up on all major exchanges, because bitcoin is consolidating between top line and 0.236 line of descending channel , the market is hesitating, people are waiting.


On a smaller timescale, 4-hour MACD has crossed up, indicating a very short term upward movement. This rally could go up to 6900-7000, touch the top resistance line of descending channel again. If it breaks above temporarily, it could stop near the 200-day moving average at 7489. Very unlikely for BTC to break above its 200-day moving average firmly, if it did in this month or October, we should re-evaluate the big picture very carefully, because that would mean BTC could have finished Wave C correction much earlier than expectation.
Along with weekly....
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I agree with you very much.
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