Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Our BTCUSD daily analysis based on Elliott wave pattern suggests more weakness ahead from current levels. We can afford for some more strength very short term, but overall the 11800-12000 band shall finally trigger a new down leg. This one shall see a successful retest of the 9000 area, followed by the resume of the long term underlying bull trend. This bull trend will stay alive as long as 2020 March low stay intact. Our short term bearish stance will be invalidated by sustained trading above the 12500 July high. Indicators are neutral to slightly positive with currently no strong momentum. The decrease of volume since mid July is a cause of worry, especially as September & October months are traditionally very active ones.
If our analysis is correct, the resume of the bull run will bring a very powerful rise in 2021, with a clean break of ATH (all time high).
Comment
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today's high is the point where orange A distance = orange C , which is a common relationship in correction.