#bitcoin Harmonic pattern update:
A Bearish Harmonic pattern has been in development in the 4H time-frame around the 61.8fib resistance region, if it is confirmed i.e price is reverses around D leg: 7700-7800, then we can expect a drop to 6500-6800 region (1.618fib ext of CD leg of harmonic), if 7300 support doesn't hold.
Currently #btc is forming a rising wedge & bearish divergence can be seen in stoch-rsi around the 61.8fib resistance: 7780.
Upper level resistances are at:
50fib:8200, 50&100 DMA: 8500 level
Yesterday we broke above the trendline resistance at 7300 region, now if the trendline support at 7300 does not hold during any retracements from 7700-7900 region, then bearish view will be confirmed.
Bearish Count: Minor C is a double three correction & currently we are in X wave , which has retraced around 50%-W wave.
Bullish view if trendline support at 7400 holds, then X will become a leading diagonal Wave 1 for the next impulsive bull run cycle.
A Bearish Harmonic pattern has been in development in the 4H time-frame around the 61.8fib resistance region, if it is confirmed i.e price is reverses around D leg: 7700-7800, then we can expect a drop to 6500-6800 region (1.618fib ext of CD leg of harmonic), if 7300 support doesn't hold.
Currently #btc is forming a rising wedge & bearish divergence can be seen in stoch-rsi around the 61.8fib resistance: 7780.
Upper level resistances are at:
50fib:8200, 50&100 DMA: 8500 level
Yesterday we broke above the trendline resistance at 7300 region, now if the trendline support at 7300 does not hold during any retracements from 7700-7900 region, then bearish view will be confirmed.
Bearish Count: Minor C is a double three correction & currently we are in X wave , which has retraced around 50%-W wave.
Bullish view if trendline support at 7400 holds, then X will become a leading diagonal Wave 1 for the next impulsive bull run cycle.
Comment:
#Btc still below the 20DMA: 7676 & a bearish VWMA-MA cross in 1D time frame
If btc breaks above 8000, it'll face the cloud, 50fib, 50 &100DMA resistances in 8200-8500 region.
Btc broke above 100SMA in 4H t-f, after 27 days, however VWMA curving below.
If btc breaks below 7350, then next support at 7150-7200:Trendline & 78.6fib support.
#Btc still below the 20DMA: 7676 & a bearish VWMA-MA cross in 1D time frame
If btc breaks above 8000, it'll face the cloud, 50fib, 50 &100DMA resistances in 8200-8500 region.
Btc broke above 100SMA in 4H t-f, after 27 days, however VWMA curving below.
If btc breaks below 7350, then next support at 7150-7200:Trendline & 78.6fib support.
Comment:
#bitcoin C leg target acquired. ABC zig zag correction completed from the top of 9800 range.
#Btc is currently trying to break below the rising wedge pattern which was forming since 29 may 2018.
If the support at the lower trendline of wedge at 7600 breaks with confirmation then we can expect a retest of larger downtrend line support(dotted-red) at 7300 & subsequently the 78.6 fib support at 7200.
If the support breaks then we can expect a fall to the Minor C leg count i.e 6500-6800, before we can upside momentum from btc