Short term perspective, EW count
Here is my short term perspective about bitcoin. In this analysis, I'll combine the Elliot Wave theory count and the 2 most attractive indicators I always use which are the RSI and the MACD. Let's make it quick and simple.
Here is my EW labelling structure which has completed every aspect of EW component. This structure is the wave structure of potential sub wave 5 of wave 3 in grand cycle. At current condition, the price has already formed a higher high and spike for potential last wave on this structure. We may see potential more spike to the $20000 region as the last wave but hey, the risk provided at this rate is also amazing actually for opening short position.
The RSI is showing us a lower high while the price action shows us a higher high which is pretty bearish. Similar with the MACD, the histogram is now ticking down on this 1 hour chart shows us a decreasing momentum too. When you see the price moves like this at the wave 5 potential, it's very essential to not opening more long position. Short position is less risky at this rate and I'll give the conservative target at the area between .382 and .50 fibonacci retracement ($17500 - $17000).
Here is my EW labelling structure which has completed every aspect of EW component. This structure is the wave structure of potential sub wave 5 of wave 3 in grand cycle. At current condition, the price has already formed a higher high and spike for potential last wave on this structure. We may see potential more spike to the $20000 region as the last wave but hey, the risk provided at this rate is also amazing actually for opening short position.
The RSI is showing us a lower high while the price action shows us a higher high which is pretty bearish. Similar with the MACD, the histogram is now ticking down on this 1 hour chart shows us a decreasing momentum too. When you see the price moves like this at the wave 5 potential, it's very essential to not opening more long position. Short position is less risky at this rate and I'll give the conservative target at the area between .382 and .50 fibonacci retracement ($17500 - $17000).
