BTC Analysis
BTC has moved up in an impulsive wave from our target region. The price has just reached the 50% retracement level and is getting rejected. On the 4 hourly time frame it is noticed that there are 3 drives of bearish divergence on the RSI. I expect this to be the beginning of a short term correction into our fibonacci support zone in orange. The 61.8% retracement level at $61,031 should hold for further upside towards 90K. This current short term retacement should be seen as an opportunity within an uptrend.
BTC has moved up in an impulsive wave from our target region. The price has just reached the 50% retracement level and is getting rejected. On the 4 hourly time frame it is noticed that there are 3 drives of bearish divergence on the RSI. I expect this to be the beginning of a short term correction into our fibonacci support zone in orange. The 61.8% retracement level at $61,031 should hold for further upside towards 90K. This current short term retacement should be seen as an opportunity within an uptrend.