This TA is in relation to my original BTC chart posted Apr 23.
Elliot wave count this year was beautiful with and extended 5th wave.
The correction has been text book ABC, bouncing off fib levels with ease.
More importantly, this is the second time that BTC has found support on the .618 which is a bullish signal.
The weekly RSI has moved into neutral territory.
Daily RSI has ventured into over sold levels and looks to form a double bottom reversal.
If BTC crawls up this orange trendline, finds volume and a nice impulse, we may be headed towards the ATH high again. However, it also looks to be forming a bear flag, which could break down and head towards the .786
I won't speculate what is to happen once the ATH (range) is retested, a lot will factor into that. Right now I would be more confident is saying we are going to form a double top and come back down again. This is based on RSI levels, and support on the .618. Keep an eye on that.
Elliot wave count this year was beautiful with and extended 5th wave.
The correction has been text book ABC, bouncing off fib levels with ease.
More importantly, this is the second time that BTC has found support on the .618 which is a bullish signal.
The weekly RSI has moved into neutral territory.
Daily RSI has ventured into over sold levels and looks to form a double bottom reversal.
If BTC crawls up this orange trendline, finds volume and a nice impulse, we may be headed towards the ATH high again. However, it also looks to be forming a bear flag, which could break down and head towards the .786
I won't speculate what is to happen once the ATH (range) is retested, a lot will factor into that. Right now I would be more confident is saying we are going to form a double top and come back down again. This is based on RSI levels, and support on the .618. Keep an eye on that.
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Hopefully you didn't miss the boat this time around. Although there's a much higher price target now with Futures hitting the stock market, not taking some profits now would be... sad.
