Short-term trend analysis.
Recently eurusd formed a uptrend wave 1th, so that 1.09272 may be the bottom.
However the retrace may not over yet.
According to DXY, eurusd could dump to complete a wave C. While go up here to form a wave 5th is also possible. (wave i cannot overlap with wave iv)
Bitcoin is caught in a dilemma: it can up to nearly ATH but also could dump to 2000$.
Since now the position is in the air, it's neither low position nor high position. So nothing could do with the cryptocurrency market.
Is the correction over?
one problem is that, it cannot be more than one zigzag wave in a combination. while in this case, the number is more than one, even three of them are all zigzags.
So if it's a exhausted 5th wave?
I think that
- from 9950 to 7000 that was a set of 9 wave(with 5th extention).
- now it's the corresponding retracement of that 9 wave.
- they are 1,2 wave of big C wave to 5000.
- stochrsi is overbought.
- 1D chart rsi(hlc3) is already 45, which is big resistance in such bear market.
conclusion: price may drop from 7800 hopefully.