A huge price action on the bitcoin as it's once again breaks out of the interim swing high and claims the 3 years high since 2017. However, this is another achievement for bitcoin as the sentiment is turning back into positive side again. A lot of adoption which is becoming the most significant factor of why the trust level is increasing again, one of my favorite news was the Paypal adoption of cryptocurrency which is another step ahead for the future of bitcoin.
In this analysis, I will make it quick and clear. From the perspective of the Elliot wave structure, it looks like that there is a potential of 1 more spike to the upside as the ending wave of this 5 waves structure. It may looks like the 5 waves structure has already topped out but the oscillator indicators which I use is telling me a different thing. On the MACD first, the histogram is claiming back above the positive side as it's gaining strength and the MA line is having a golden crossover. It's gaining the possibility of another spike to the upside as the last wave. Similar with the MACD, the RSI shows us no different because the bearish divergence isn't complete yet. The RSI may has formed the lower high structure while the price is forming higher high. But, at normal condition the RSI will once again claims above the 80 level on the 2nd peak as the early indicator of wave 5 and we've not seen it yet.
So, I'll expect another extended 5th wave to touch the white region as the last 5th wave structure before the short position is in hand to catch the correction wave.
In this analysis, I will make it quick and clear. From the perspective of the Elliot wave structure, it looks like that there is a potential of 1 more spike to the upside as the ending wave of this 5 waves structure. It may looks like the 5 waves structure has already topped out but the oscillator indicators which I use is telling me a different thing. On the MACD first, the histogram is claiming back above the positive side as it's gaining strength and the MA line is having a golden crossover. It's gaining the possibility of another spike to the upside as the last wave. Similar with the MACD, the RSI shows us no different because the bearish divergence isn't complete yet. The RSI may has formed the lower high structure while the price is forming higher high. But, at normal condition the RSI will once again claims above the 80 level on the 2nd peak as the early indicator of wave 5 and we've not seen it yet.
So, I'll expect another extended 5th wave to touch the white region as the last 5th wave structure before the short position is in hand to catch the correction wave.
