Bitcoin Analysis. How much Pain will Bears Cause ?
Price broke above EMA13. Price resting at that level.
Accumulation Distribution trending, with low volume.
Hidden Bearish Divergence in MACD.
Possible pullback target between 53k and 56k approx.
The way we see it, is we got three legs down, and should correct with two legs up, we drew an AB-CD pattern to get a target in case this happens.
Check out the point of control )most volume traded at that range of prices) of the correction it aligns with this patterns, and also as well falls between the 61.8% and 78.2% fibs (meaning that the move will retrace approximately this percentages).
So we have a bit of a confluence, we will see if it plays out.
Since the average of the last bull cycle corrections (2017) were 30%+, it is very unlikely it will take off from here, if it goes above 58k+ then we are done with this correction.
If we multiply the high of 58,373 x 0.70 (-30%) then what do you get ? the magic number of 40,861 or 40K. Which aligns with our current supports.
Just an OPINION, if it adds value please LIKE and FOLLOW. Best of Best my Friend :)
Accumulation Distribution trending, with low volume.
Hidden Bearish Divergence in MACD.
Possible pullback target between 53k and 56k approx.
The way we see it, is we got three legs down, and should correct with two legs up, we drew an AB-CD pattern to get a target in case this happens.
Check out the point of control )most volume traded at that range of prices) of the correction it aligns with this patterns, and also as well falls between the 61.8% and 78.2% fibs (meaning that the move will retrace approximately this percentages).
So we have a bit of a confluence, we will see if it plays out.
Since the average of the last bull cycle corrections (2017) were 30%+, it is very unlikely it will take off from here, if it goes above 58k+ then we are done with this correction.
If we multiply the high of 58,373 x 0.70 (-30%) then what do you get ? the magic number of 40,861 or 40K. Which aligns with our current supports.
Just an OPINION, if it adds value please LIKE and FOLLOW. Best of Best my Friend :)
Comment:
Please take a look at the previous analysis which is the big picture. Thanks :)
Comment:
Comment:
it seems it's going for the second corrective impulse.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
Trader Since 2016. Industrial and Operations Engineering at U of Michigan, Ann Arbor. MBA IPADE. Master in Finance EGADE.
Trader Since 2016. Industrial and Operations Engineering at U of Michigan, Ann Arbor. MBA IPADE. Master in Finance EGADE.