Hello all, Happy Monday I hope you're doing great! Today is Monday and I will try to cover the bitcoin's analysis for 7 days ahead.
Bitcoin, Just like what I've posted earlier in my previous idea about the contracting triangle is still looking good and still in play as well. The price is still trending inside this triangle since the beginning of the month. However, there is another good factor here that it's potentially could be the 4th wave based on the elliot wave theory.
If this is the 5 wave structure and we're still trending at the wave 4, it's potentially that we'll see the price to moves closer to the APEX of the triangle which will become a lot of uncertainty there. Until we see a break out on both side, I think it's better to stay away from the swing position as well.
The other look is on the RSI and MACD. Just like what you've seen, the RSI is still trending right between the 60 and 40 level which is categorized as the neutral zone. The MACD itself is showing us the same thing here, Histogram that occur in the last 7 days is way smaller than the last month's histogram. This is another proof that we'll face a sideways market in the next 7 days as consequences of the contracting triangle and the potential wave 4.
For short term, I do believe there might be a touch toward the lower line of the triangle which is around $9000 - $8850 as well. The closer the price to the APEX, the higher the risk of entering any position.
Bitcoin, Just like what I've posted earlier in my previous idea about the contracting triangle is still looking good and still in play as well. The price is still trending inside this triangle since the beginning of the month. However, there is another good factor here that it's potentially could be the 4th wave based on the elliot wave theory.
If this is the 5 wave structure and we're still trending at the wave 4, it's potentially that we'll see the price to moves closer to the APEX of the triangle which will become a lot of uncertainty there. Until we see a break out on both side, I think it's better to stay away from the swing position as well.
The other look is on the RSI and MACD. Just like what you've seen, the RSI is still trending right between the 60 and 40 level which is categorized as the neutral zone. The MACD itself is showing us the same thing here, Histogram that occur in the last 7 days is way smaller than the last month's histogram. This is another proof that we'll face a sideways market in the next 7 days as consequences of the contracting triangle and the potential wave 4.
For short term, I do believe there might be a touch toward the lower line of the triangle which is around $9000 - $8850 as well. The closer the price to the APEX, the higher the risk of entering any position.
For short term analysis, it's pretty easy to identify the potential drop for intraday level after the price breaks down of the white support trend line. I'm targeting the white region for short term key support to be tested.