Bitcoin - huge dump incoming this week!
Hello, everyone!
Yesterday I made a global analysis on
BTC where told you that expect the huge correction according to Elliott waves formation on the higher time frame. I have also pointed out that the early reversal sign could be obtained on the 4h time frame. Today we will consider what is happening in the local picture.
Let's take a look at the BTC price chart. I think that current impulse is the wave 5 of higher degree, which should consists of 5 waves also. We can see that Bitcoin has already printed waves 1 - 4 and now is in wave 5. How to distinguish corrections and impulses? We can use Williams Alligator indicator. If price above all three lines - this is the impulsive wave. If price crosses the lines every time, it's correction. Now we can see that Bitcoin price is going above the Alligator, it means that wave 5 is in progress.
Wave 5 has the target at $31800, there I am going to looking for the bearish reversal bar with the squat state of the MFI indicator. Moreover, Awesome Oscillator is showing the potential bearish divergence and it will be so difficult to break this divergence. It's gonna be confirmed if oscillator prints the first red candle. Also we can see some dangerous sign in the 1D chart, MFI is showing the squat state, but we need candle close to confirm this. After reaching $31800 I expect at least the correction to 0.61 Fibonacci retracement to $27700, but I think that BTC will not be stopped there and reach much lower prices.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
Yesterday I made a global analysis on
BTC where told you that expect the huge correction according to Elliott waves formation on the higher time frame. I have also pointed out that the early reversal sign could be obtained on the 4h time frame. Today we will consider what is happening in the local picture.Let's take a look at the BTC price chart. I think that current impulse is the wave 5 of higher degree, which should consists of 5 waves also. We can see that Bitcoin has already printed waves 1 - 4 and now is in wave 5. How to distinguish corrections and impulses? We can use Williams Alligator indicator. If price above all three lines - this is the impulsive wave. If price crosses the lines every time, it's correction. Now we can see that Bitcoin price is going above the Alligator, it means that wave 5 is in progress.
Wave 5 has the target at $31800, there I am going to looking for the bearish reversal bar with the squat state of the MFI indicator. Moreover, Awesome Oscillator is showing the potential bearish divergence and it will be so difficult to break this divergence. It's gonna be confirmed if oscillator prints the first red candle. Also we can see some dangerous sign in the 1D chart, MFI is showing the squat state, but we need candle close to confirm this. After reaching $31800 I expect at least the correction to 0.61 Fibonacci retracement to $27700, but I think that BTC will not be stopped there and reach much lower prices.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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