Minitech24
Short

Rally near to end, expecting 30-40% correction

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This is my wave count which I think is currently the most probable.

We have a diagonal wave 5 forming, indicating that the whole impulse is coming to an end.
If bulls are to weak we may won't even achieve the last wave C to test resistance.


Declining Volume and bearish divergence on RSI & Stoch RSI on daily Chart


Expecting a correction to at least 50 if not 61.8 fibo to test support line.
After that we'll have to see if bullish trend continues or further drops to test 3k lows progress.
Idea is invalid if upper resistance is broken.
Comment: trendline broken, last C wave most likely won't happen anymore
Comment: got nothing more to say


if upper resistance line is broken prepare to fomo into this parabola, 20k incoming
What’s your thoughts now. Instead of C.
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Minitech24 Ryandorsey90
@Ryandorsey90, We just broke last low on the 1h time frame, could wait for a potential retrace retesting trendline & short for which we have plenty of short term targets: 7.7k, 7.3k, and finally 7k where I think we will find first major support. but bears are strong right now, maybe there won't be a retest.
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What’s the probability of this playing out
Reply
Minitech24 Ryandorsey90
@Ryandorsey90 who knows.?!

the similarity to december 2018 is striking.


wouldn't surprise me either if it did smth like this:


bitcoin is always full of surprises, yet if you want a concrete number I'd say 60-80%
+1 Reply
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