BTCUSD Retrace @ 8900, 9500? Rising Wedge Elliot Wave Analysis
Preface - I am not saying to short sell at the posting of this idea. Please read the text bubbles.
Also, don't mind the white lines too much. Since the candles haven't touched them 3 times they aren't very confirmed, especially the top one which has only got one general testing of it, while the bottom line has twice.
Why I think this:
Short term bullish indicators
-MACD divergence recently on 4h/3h candles
-Inside Bollinger bands meaning it won't be constricted by them (candles don't like moving too much out of the Bollinger bands without first closing back inside them)
-RSI looking strong short-term reaching a high for every high on the chart (shown on RSI chart as the blue line)
Mid-long term bearish indicators
-However, the RSI from the beginning of the rising wedge to now shows a BEARISH divergence. (shown on RSI chart as the white line)
-In other words, short-term RSI is showing strength but weakness mid-long term.
-Rising wedge pattern forming, no confirmation yet however
Please leave comments, feedbacks, and questions in the comments below.
I may not be able to answer them as I have been having issues replying to comments on my recent ideas. If I don't reply because of this, feel free to PM me.
Also, don't mind the white lines too much. Since the candles haven't touched them 3 times they aren't very confirmed, especially the top one which has only got one general testing of it, while the bottom line has twice.
Why I think this:
Short term bullish indicators
-MACD divergence recently on 4h/3h candles
-Inside Bollinger bands meaning it won't be constricted by them (candles don't like moving too much out of the Bollinger bands without first closing back inside them)
-RSI looking strong short-term reaching a high for every high on the chart (shown on RSI chart as the blue line)
Mid-long term bearish indicators
-However, the RSI from the beginning of the rising wedge to now shows a BEARISH divergence. (shown on RSI chart as the white line)
-In other words, short-term RSI is showing strength but weakness mid-long term.
-Rising wedge pattern forming, no confirmation yet however
Please leave comments, feedbacks, and questions in the comments below.
I may not be able to answer them as I have been having issues replying to comments on my recent ideas. If I don't reply because of this, feel free to PM me.
Comment:
Resistance at 8900 before moving up - now looking at 9500 as being the top for BTC