Bitcoin – waiting for a local correction

Hello, everyone!

Here is the Bitcoin analysis update. Here is the last long signal, which reached the take profit target perfectly. Now I anticipate the local price correction.

The price is going to form the true divergence with MACD histogram, enhanced by the MACD line. The confirmation of the divergence is the appearance of the diminishing column on the histogram. We have to wait for it.

The another evidence for correction is that we saw the false resistance line breakout, as a result the stop-losses of the short positions was hit. Moreover the bearish hammer candlestick pattern was formed next to resistance.

If we take a look at the Elliott Wave analysis, the price clearly formed 1-2-3-4-5 cycle, now it is logically to see A-B-C correction before price growth continuation.

What can we do now? If you are risky, you can execute short position with following attributes:

Short entry: current price($51100)
Take profit: $49015
Stop-loss: $52100

DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.

Trade closed: target reached