BTC Forecast on the Four Hour:
Bulls have defended against a short-term head & shoulders (on smaller timeframes), though momentum is slowing and a bear flag forming here on the 4h.
We can expect a correction down to test prior price structure support around 7490 before continuing upward to attempt further bullish elliott waves. Two sets of fibs are drawn on the chart to indicate two fib levels around 7490 in addition to the structure support.
Keep in mind we could overextend downward, or alternatively show more bullish strength and bounce higher than this target, but there is a strong probability of a retracement to this green region should bears push us down out of the current flag.
Bulls have defended against a short-term head & shoulders (on smaller timeframes), though momentum is slowing and a bear flag forming here on the 4h.
We can expect a correction down to test prior price structure support around 7490 before continuing upward to attempt further bullish elliott waves. Two sets of fibs are drawn on the chart to indicate two fib levels around 7490 in addition to the structure support.
Keep in mind we could overextend downward, or alternatively show more bullish strength and bounce higher than this target, but there is a strong probability of a retracement to this green region should bears push us down out of the current flag.