As one can see Bitcoin has been captured within a rectangle since september 2018. And even before this rectangle had been either support or resistance.
For which reason BTC didn´t manage to break out of this pattern for 2 months - I don´t know. Even the crash at the stock markets couldn´t give support to BTC.
In the long run BTC is still in bearish mode. Watching the moves in the past we can state that BTC has followed a relatively clear EW-wave. Corrective ABC - followed by motive 12345. One can count up to 3 completed cycles. Only the last one hasn´t been finished in a regular mode. The last corrective wave -C- has been prolonged and still hasn´t found its end. This makes me doubting if we´ll see it soon.
Simoultaneously the price is heading into the peak of the big triangle. And normally it should break out between the half and the last third of wedge - but it hasn´t done. As this triangle is a negative pattern - with the upper limit declining - the next move is to be expected downwards.
This is what RSI is showing as well. It has turned to the bottom and entered the bearish zone.
If the lower limit of the wedge, which is also the bottom line of the rectangle, can´t stop the falling trend, then I expect BTC to fall well below 5.780$ - which is the fib retracement ZERO. And with this move BTC will have finished the missing EW-wave -C- .
This is no trading advice!
For which reason BTC didn´t manage to break out of this pattern for 2 months - I don´t know. Even the crash at the stock markets couldn´t give support to BTC.
In the long run BTC is still in bearish mode. Watching the moves in the past we can state that BTC has followed a relatively clear EW-wave. Corrective ABC - followed by motive 12345. One can count up to 3 completed cycles. Only the last one hasn´t been finished in a regular mode. The last corrective wave -C- has been prolonged and still hasn´t found its end. This makes me doubting if we´ll see it soon.
Simoultaneously the price is heading into the peak of the big triangle. And normally it should break out between the half and the last third of wedge - but it hasn´t done. As this triangle is a negative pattern - with the upper limit declining - the next move is to be expected downwards.
This is what RSI is showing as well. It has turned to the bottom and entered the bearish zone.
If the lower limit of the wedge, which is also the bottom line of the rectangle, can´t stop the falling trend, then I expect BTC to fall well below 5.780$ - which is the fib retracement ZERO. And with this move BTC will have finished the missing EW-wave -C- .
This is no trading advice!
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correction: there is a mistake in the long term chart, showing a false EW-wave ABC at the end. The correct one is in the main chart.
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Fulfilling of prophecy? - or will it stop on the strong support (fib retracement 0)?
In fact once it has broken this support it could fall on to the long ascending trend line before starting the next bull run.
In fact once it has broken this support it could fall on to the long ascending trend line before starting the next bull run.
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