After a weak death cross of ichimoku MAs Bitcoin has fallen through the thin ozone layer of the ichimoku cloud support on H4. Now we are trying to climb back but the cloud's resistance has a flat bottom which means that we're likely to bounce down. We can move a bit further inside the cloud to 9450 (50% retracement) and get rejected by the ichimoku trend MA. If we're lucky to get another ichimoku MA cross inside the cloud then we might pierce through to the up side.
If this is an up trend's wave (1) with 5 completed waves, the whole 1-5 structure must correct in wave (2) to 50-61.8%. Proper correction is long due because of RSI divergence.
So, I think, we will go down in ABC fashion to 8600 (38.2% retracement), then go up and bounce down from 9000/EMA 200 to 8200 (50%) or 7800 (61.8%). The trend line will not hold.
Breaking 8800 (end of wave 4) and EMA 200 to the bearish side and making a new low will confirm further correction.
RSI's value back at the start of up trend (RSI = 28) will likely be the max bottom of wave (2) (blue line).
Watch EMA 200, Ichimoku MA cross inside the cloud, RSI 28. The MeatBulls are coming later.
Good Luck!
This is not a financial advice. Please, do your own research.
If this is an up trend's wave (1) with 5 completed waves, the whole 1-5 structure must correct in wave (2) to 50-61.8%. Proper correction is long due because of RSI divergence.
So, I think, we will go down in ABC fashion to 8600 (38.2% retracement), then go up and bounce down from 9000/EMA 200 to 8200 (50%) or 7800 (61.8%). The trend line will not hold.
Breaking 8800 (end of wave 4) and EMA 200 to the bearish side and making a new low will confirm further correction.
RSI's value back at the start of up trend (RSI = 28) will likely be the max bottom of wave (2) (blue line).
Watch EMA 200, Ichimoku MA cross inside the cloud, RSI 28. The MeatBulls are coming later.
Good Luck!
This is not a financial advice. Please, do your own research.