Patrikas10

Patrikas10

Forming head and shoulders pattern which I believe is very likely looking at 4h chart. Indicators like MACD (-6.183) turned negative after false break out and I believe we need to go lower at least in short term perspective. RSI was highly overbought and now also normalizing currently at 67.52. Also drove FIB retracements and if you look at it, we need to...

Patrikas10

Drove Elliot wave count on 4 hourly. We are trending up in short term and if we continue to retrace to 0.382-0.5 Fib on each wave, this is how it would look like. I believe 4400$ is imminent in short term. If you want to know my take on monthly BTC price action check my previous post!

Patrikas10

So we have Monthly chart of Bitcoin right here.. It's based on Elliot waves (Left only Fib retracements to make chart look simple). What I noticed in Bitcoin , it tends to retrace around 0.382-0.5 before resuming trend (which right now is BEARISH ). Look closely at the fibs, left only 0.382-0.5 for you to see. I'm looking for around 5500 to finish correction...

Patrikas10

So we have Monthly chart of Bitcoin right here.. It's based on Elliot waves (Left only Fib retracements to make chart look simple). What I noticed in Bitcoin, it tends to retrace around 0.382-0.5 before resuming trend (which right now is BEARISH). Look closely at the fibs, left only 0.382-0.5 for you to see. I'm looking for around 5500 to finish correction up...

Patrikas10

In the chart I drove Elliot wave count on Monthly timeframe. If wave count turns out to be correct, we might be in wave 4 at the moment. Strong support could be seen only at 1200-1400$ range. If you look closely, we are forming U shape temporary bottom. Looking at MACD (-777.014) we might also see it bottoming out. Looking from psychological perspective it would...