Each time bitcoin Reach 12k - 12500 it comes back and retest 9000-9600 area. ALWAYS
ALWAYS this area it fails to KEEP. ALWAYS.
If we are in BULL MARKET bitcoin needs to reverse from this area. (FIB SUPPORT AND CME GAP)
If we fail we move straight to 6000-6500 where bitcoin it confirms A-B-C-D-E elliot waves inside Symmetrical Triangle.
On this area...
We go at least for CME Gap filling and retest of 3 Years Trend line.
Bearish Divergence on MACD, RSI yet space for more lower. Rising Flag With target 9700 - 9900 area.
(All this on 4 hours which is bearish for me).
One daily a chance of Diamond Top gives again same price target.
In my opinion We do not have market decision yet.
Have a nice day all
Firstly to say that our previous TA is still on the cards as we did not break upside the rising
wedge we mentioned, and at the moment we have crucial resistance between 11500 - 11500 area.
In a more biggest time frame now, i expect two scenarios which i mentioned them in my TA
as a scenario (1) and scenario (2)
As i said always, this is my...
Based on my view on Bitcoin chart...
1. I expect at least, retest of Historical Trend line
2. We are at the moment in a rising wedge.
3. I expect test of 200 MA for bullish momentum confirmation
4. On rising wedge we are in process to start Wave E downside, based on Eliot Waves theory.
Occasion or not, all the above tests / retests, are passing...