I drew the elliot wave as it is playing out at the moment.
Currently in the leg 4 down untl we hit the support for MA200.
Then we start leg 5 up, has potential to complete a reverse Head-And-shoulders and rally upwards, can also find to much support for the bears and start a new down correction.
MACD also looks to converge and add to bullish sentiment at around the time leg 4 is complete.
First immediate target is 8800.
8900 should prove to be a buying opportunity, stop loss at 8650.
Real test when leg 5 meets MA200.
Currently in the leg 4 down untl we hit the support for MA200.
Then we start leg 5 up, has potential to complete a reverse Head-And-shoulders and rally upwards, can also find to much support for the bears and start a new down correction.
MACD also looks to converge and add to bullish sentiment at around the time leg 4 is complete.
First immediate target is 8800.
8900 should prove to be a buying opportunity, stop loss at 8650.
Real test when leg 5 meets MA200.
Comment:
This analysis is still valid.
Comment:
Analysis still Valid, if we have selling pressure today, 8800-8900 can be reached.
Would advise to put the buy orders in around 8900 stop-loss around 8600 as that would be a clear break of trend.
Excepting a small surge from 8800 to 10200 and then we will have the real test for BTC, giving us direction for the rest of the spring season. it's 50/50 to me, would take money of the table at 10200 and see where this baby goes.
Would advise to put the buy orders in around 8900 stop-loss around 8600 as that would be a clear break of trend.
Excepting a small surge from 8800 to 10200 and then we will have the real test for BTC, giving us direction for the rest of the spring season. it's 50/50 to me, would take money of the table at 10200 and see where this baby goes.
Real test when leg 5 meets MA50.