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mboss_37

Rising wedge and Bearish Divergence. Prepare for correction

Short
Bitcoin (BITFINEX:BTCUSD)  
mboss_37 Updated   
BITFINEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Wave Analysis bearishdivergence rsidivergence Bitcoin (Cryptocurrency) BTCUSD BTC
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trendanalysis chartpattern waveanalysis bearishdivergence rsidivergence bitcoin btcusd btc

We can expect an ABC correction down to 8800 USD for BTC. Bearish divergence on 4hr chart shows that correction is incoming.
This chart shows the Elliot Wave analysis:
snapshot
First Elliot wave of BTC uptrend has almost been completed.
Comment:
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Detailed analysis of ABC correction
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Downtrend still valid and in line with ABC correction. Currently in B correction up to 9.5k. After that we can expect another drop in 5 waves down to 8.8k.

No predictions here - only possibilities
Comment:
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Price Volume per Price Range is very strong at current level.
Bitcoin on 4Hr chart looks oversold. May be a good position for a partial long position now.
Comment:
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Looks like the Bears are still in the game. Downtrend is continuing and btc is still oversold on the 4hr chart.
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