Ocean - So looking at the 4h chart, it makes Sense that we completed the ABC correction after the end of wave 5 because price bounced on the 618 retrace of the entire cycle.
In the daily TF, we reached the exact same RSI support level we where at at the start of wave 1.
This is my opinion and not trading advice.
Lets hope BTC behaves.
BTC is currently broke below 618 FIB from the last small pump from $9470 to $9800 today and appears to be struggling to get back above the 618 FIB retracement.
It is also below 50 and 200EMA on the 30 minute time frame.
200EMA has now crossed over the 50EMA which is a death cross in this TF.
Unless whale games are at hand, if we follow the 5 waves...
I think that unless we go up some more, that we have started wave C down. We can see a H&S forming that would target 1.168 FIB extension from the start of wave C.
Not advice. Just my opinion as there seems to be tons of support on the order books (Millions of $$). Could be spoofing though.
BTC is completing an ABC reversal which should bring price back down to the strong support of $9300
From there, we will see what happens but most likely if this scenario plays out, we will have seen a lower high and a lower low which should send BTC down. next support is at $9200 and then $9000
This is not advice, just my opinion.
Please hit that...
Just a simple observation of hidden bullish divergence on daily TF
BTC made a higher Low while RSI made a lower low.
Expect more upside in the coming days. Significant support at $8850 and Resistance at the broken trend line since March 12 and then and then approx $9400
Exciting times!! Taking a look at the 30 minute time frame, I have the orange FIB from the high to the low showing how BTC bounced up to the 618 FIB, got rejected and continued to dump.
Then the white FIB from the lower high down to the current low where I project BTC will test the 618 FIB and if rejected continue back down. When doing a FIB...
BTC got rejected at May 7 and 8 descending trend line. It is now in ABC correction IMO targeting $9400; this becomes especially true if it breaks the rising trend-line on the chart (turquoise color) between the B and the C.
There will be a major reversal due to following reasons:
1) 61.8 FIB level resistance from Feb high to March low
2) will reach top of decending trend line
3) will reach weekly 50 EMA
We will likely retest 4K
This is not advice. Please like and comment if you agree.
Sorry for the messy chart but take note of 2 things on this daily chart.
1) BTC at 50 FIb level and up against daily 50EMA
2) BTC is at top of 2 important descending channels
The middle of the channel will be tested first but I think we will retest bottom. See the blue lines I added.
There will be a good fight between bears and bulls here but if we follow the...
See chart. If the correlation has been made between crypto and the stock market, we should be on our way up but looking at the chart for most coins including bitcoin doesn't look good.
The 4hr XRP chart shown signs of a reversal with doji candles at the top of the latest upswing from last nights low. Classic sign for a reversal to make us go right back down...