After a bullish breakout which started around December 18th 2019, Bitcoin started a new uptrend back up to the 5 figure region eventually testing 10500k before a pullback to support in the high 9k range. We have since seen a violent drop with wicks to 9200k in the space of 15 minute timeframes and have now had a slight change in market structure with the first...
With the Bitcoin dominance dropping to 63%, Ethereum has been on a rampage as of late, out performing Bitcoin and gaining a lot of interest. From an Elliott wave perspective it appears to have completed a 3rd wave on the daily chart with a 4th wave correction coming to the .5 fib level before a move higher to tests the highs it reached in June last year.
Having penetrated well into the 9k level, Bitcoin has been consolidating in a perfect sideways trend after several rejections at the 9400 level, an ascending trend line has now formed suggesting a retest of 9400 is happening soon but will it be successful this time?
Bitcoin has managed to hold the 8k level over the weekend and now appears to be consolidating before a retest of the 8200 daily resistance. An ascending triangle pattern has formed on the 4 hour chart, base doff this it would be fair to assume its going to make a move before the 15th.