1. Descending wedge which generally break up.
2. We have a support area that's been holding for 10 months.
3. We got a divergence on both the MACD and the RSI.
4. Profit targets are on the chart.
We can either go long now or wait for the breakout and entre when we retest the resistance of the wedge.
Here's my previous elliot wave if you didn't see it which played like a charm.
Now we are in the corrective wave, who will lead us to the 4.5k area in the short term.
First resistance will be at 4.3K.
Second resistance will be at 4.7k.
BTC is forming a hanging man in the daily, which means a bearish signal and potenially a trend reversal, but this stays true only if the price closes where is it now.
So let's wait and see where the close will be.