Bitcoin vs Fed QE
after breakout of previous all time high bitcoin price were rising in ABC corrective wave as inflation fear since fed printed lots of dollars.
Wave C of abc Elliott wave structure had made ending diagonal since than price has made 50% sharp correction.
this abc wave has finished and made its 50% retracement ready to make new higher high upto 90k
RSI divergence also predicted this top because it was making lower high while price was making higher high, now rsi is testing lower trend line . if new bull trend started than it will break upper trend line while price will make new high
at the time of writing price has found support near the low of wave B, where ending diagonal of wave C started, above 61% and below 50%retracement of entire trend.
we have blue trend line tested two times and previous all time high as our next support
if this support holds than price from here can easily make higher high near 100k
Wave C of abc Elliott wave structure had made ending diagonal since than price has made 50% sharp correction.
this abc wave has finished and made its 50% retracement ready to make new higher high upto 90k
RSI divergence also predicted this top because it was making lower high while price was making higher high, now rsi is testing lower trend line . if new bull trend started than it will break upper trend line while price will make new high
at the time of writing price has found support near the low of wave B, where ending diagonal of wave C started, above 61% and below 50%retracement of entire trend.
we have blue trend line tested two times and previous all time high as our next support
if this support holds than price from here can easily make higher high near 100k
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