All of finished Waves-i / ii / iii have corrective behavior and they are divided into :3 segments structure. This pattern usually occurs in Wave-C.
If this scenario is valid, the last 5th Wave would lead us to $4400 mark.
This pattern is usually followed by the price decline. In this case it should be drop down below $3400 mark.
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Ranging between $3750-$3850 continues, but some important changes happend.
Firstly, look at 4H chart:
We can see new resistances there - MA89 and MA21. MACD performing Bearish cross at the moment. RSI turned into bearish a few hours ago.
Secondly, look at 1D chart:
MACD and RSI remains in bearish mode.
Now, move to 1W chart:
Currently, we can see green candle and would be fine, if we close this week with bullish candle. It could be catalyst for the last leg up to $4000 area. If we close below $3734 weekly, we will get Bearish candle. It could be catalyst for the price drop below $3600.
MACD and RSI don't look so bad. Both of indicators remain in bullish mode.
Based on 1W indicators. BTC still has a good chance to go upward to $4000, maybe higher. As I wrotte, $3700 is crucial level for now. We have trend support there and until this support fails profit targets are active.
I guess, the Bitcoin will offer opportunity to load ours bags between $3810 - $3750.
I personally wait to break one of SMA.
At higher TF Bitcoin and me remain bullish. But, currently, I will pay more attention to lower TF which are more bearish.
Depending on EMA - EMA100 plays its role well and prevents BTC from rising.
I don't give up idea about re-test of 4200 area, but the current situation suggests a decline. Target could be an area between 3920-3850.
For futher growth we need to close daily above 4000.
I want to highlight EMA. Yesterday, we didn't close above 4K, but closed above EMA100. Currently, BTC still holds above this level. However, BTC must remain above this level at least a few days to be sure, that this level is broken. In past, BTC used to stay above EMA100 for 3-7 days and then dump. MACD remains bullish. So, these were bullish signals.
Move to Bearish signs. Let's start with RSI, it is near the 70 level ... it means that we should be more vigilant. Also, BB doesn't look so good ... BTC has been touching the top line for last several days.
And finaly look at the price action ... BTC is performing ABC Flat correction and it is moving inside the channel. We have a lot of bearish candlesticks there ... hanging man, doji and currently candlestick looks like another hanging man. All of these candlesticks are formed below resistance levels.
T: $4200 / $4400 (remain active)