Firstly, people were comparing btc chart to Nasdaq, now, when Nasdaq chart isn't suitable any more, they’re comparing it to the previous (I) wave chart and are confident in the similarity. I wonder why the people are looking for a “golden pattern” instead of reading the chart and riding the wave, and are calling themselves “traders” instead of “voodoos”.
But let’s get back to Bitcoin.
The price charted a perfect (a-b-c) flat correction which, in my opinion, has already completed the corrective structure. Furthermore, the downtrend line was successfully retested and became a support for the price.
At the current period of time it’s hard to say exactly whether the current move from 6,000$ is the first wave of (1-5) structure, or is “A” wave of a large (A-B-C) corrective structure, started from the mid of December. As of now, I’m more inclined to the opinion that this is a beginning of a new upward cycle, but the reverse scenario is still possible.
Anyway, I think the next upward wave (whether it’s C-wave, or III-wave) could rebounce the price to 15,000$ area and then the market will decide.
Technically we have 4h MACD divergence, 4h RSI divergence and high-volume selling climax. Also the price successfully retested the long-term downtrend line and 0.618 fib level.
The combination of these factors shows a high probability of a bullish reversal with further continuation of the trend.
Probably this is the last time you are seeing 4-digits bitcoin price in the coming months.
But let’s get back to Bitcoin.
The price charted a perfect (a-b-c) flat correction which, in my opinion, has already completed the corrective structure. Furthermore, the downtrend line was successfully retested and became a support for the price.
At the current period of time it’s hard to say exactly whether the current move from 6,000$ is the first wave of (1-5) structure, or is “A” wave of a large (A-B-C) corrective structure, started from the mid of December. As of now, I’m more inclined to the opinion that this is a beginning of a new upward cycle, but the reverse scenario is still possible.
Anyway, I think the next upward wave (whether it’s C-wave, or III-wave) could rebounce the price to 15,000$ area and then the market will decide.
Technically we have 4h MACD divergence, 4h RSI divergence and high-volume selling climax. Also the price successfully retested the long-term downtrend line and 0.618 fib level.
The combination of these factors shows a high probability of a bullish reversal with further continuation of the trend.
Probably this is the last time you are seeing 4-digits bitcoin price in the coming months.