Bitcoin touched 0.786 of fibo (in the previously white ascending triangle) and made a double top reversal, creating an strong uptrend support since september. If RSI goes down and prices goes up, bearish divervence will appear.. will BTC correct until the end of 2017 ? We dont see the RSI lower than 40 since september. Lets wait to see what RSI will bring to us..
After the 2 uptrend full cycles of Elliott Waves ended, a liltle correction occured, but it seems to build another uptrend support line around 0.38 fibo. indicated by the RSI near 30. Good rally opportunity when RSI reachs 70+ again.
Elliott Impulse Wave 12345 formed in downtrend chart. Now we wait the breakout momentum to see if:
1) Goes up if break the blue line, than we will wait for the ABC correction final wave. (C) (and a possibilty of cup and handle further)
2) Goes down if break the green line, than we will wait for the ABC correction final wave (C) to see if breaks the suppport or not.
full cycle elliott wave + bearish divergence period created uptrend support line indicating bullish days ahead.
Can easily break the resistance if volume gets higher. Hope RSI goes to 80.
entry zone: now
Nice Strong uptrend support. Failed in wave 3 formation. RSI confirming Bearish divergence with basead on the low volume probably gonna break down the uptrend support and make a higher support at 38.20 fibo
Since the elliott wave didnt performed uptrend, as showed us in the wave 5, the corrective wave ABC went downtrend, but didnt break the support, so its a good signal that can goes reversal and finally uptrend in next days.
Seems like Verge is going strong along the resistance downtrend line, with a good point of reversal ahead if RSI goes above 50 driving us to 70 and making a double top and further a uptrend line breaking the downtrend resistance line, finally. Its time for Verge!
Bitcoin drawing a Strong support uptrend line over the 3k road.
If keep goin up, may repeat the previous bearish divergence making na new high, but first a dangerous double top in the way wich could reversal and goes downtrend right to the support line. Or in the bullish way it can draw an ascending triangle flag targeting the sky, like Always.
Elliott Impulse wave 12345 + ABC Correction. RSI in divergence. Descending, while candles goes ascending. If breaks the triangle downtrend, we have a bullish divergence and if breaks the triangle uptrend, we have a bearish divergence. Who knows what RSI next move ?
Minor in the end of the wave C correction. Major in the end of corrective wave A.
Fibonacci Levels + Elliott Impulse Wave + ABC Correction on 1day chart.
May form the 3 wave if wave 2 dont cancel the wave 1.
If confirms the uptrend, this can sound a nice bullish entry momentum.
RSI near to 50 dont confirm the trend setup yet, but indicates a bearish divergence ? (need more studies)