A few times the weekly chart of Bitcoin is showing a correction signal. Until next week and much earlier we will be able to have the exact confirmation of the bearish doji star that we are seeing right now, very close to the main down trend line for the entire market and above 61% of the Fibonacci retraction line.
Important supports to consider: MA 50 at 8793.45; EMA9 touch along with the line created by the ichimoku cloud at 8476.34; and crossing of the EMA9, EMA21 and EMA50 at 7920.71, followed by Tekan Sen. We are still in wave 1 of Elliot but it will not be long before the market begins to roll in favor of wave 2.
In previous updates, we have already said that the market will only be totally bullish when the total market capitalization exceeds 300 bn dollars and manages to break the main downtrend line above 10k. Also for the big pumping that everyone expects it will be necessary for Bitcoin to create a W pattern.
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