Trying to find out does Bitcoin has the potential to rally after so call correction that its face now.
Well, at the first glance I could see that it possibly making five wave correction. But, after doing some analysis of chart drawing, its showing that its making lower high and lower low which is its in the downtrend movement.
In case you does not understand what is lower high and lower low indicate is, please do check basic DOW THEORY number two; Market move in Trend.
I could not even find any continuation of wave D through chart drawing. The drawing of the resistance line of the correction should begin at the beginning of wave A and the termination of wave B. And support line as in picture.
Well, I might be right or wrong guys. Trade what chart telling you as for now, not what you think it is and trade by hope.
Well, at the first glance I could see that it possibly making five wave correction. But, after doing some analysis of chart drawing, its showing that its making lower high and lower low which is its in the downtrend movement.
In case you does not understand what is lower high and lower low indicate is, please do check basic DOW THEORY number two; Market move in Trend.
I could not even find any continuation of wave D through chart drawing. The drawing of the resistance line of the correction should begin at the beginning of wave A and the termination of wave B. And support line as in picture.
Well, I might be right or wrong guys. Trade what chart telling you as for now, not what you think it is and trade by hope.
Comment:
If price break below previous lowest candle, totally and confirm bearish.