BTC retracement
BTC is in retracement mode due to the China FUD, Dimon remarks, and other bearish publications labeling BTC "overcrowded" and in a "bubble"...Lets break down the technicals
Downward channel- Price is currently in the low half of the channel, expect an upswing to the top half during correction wave "B"
Elliot Waves -Currently on Impulse Wave "4". Wave "5" upward move is due in the near future.
-Currently on "A" correction wave, "B" bounce is due soon
Resistance and Support Levels- Expect a full 61.8% retracement on the Fibs. This Fib level overlaps with support from the previous peak.
Oscillators -MACD bearish cross
-RSI approaching oversold levels
-STOCH RSI due for an upswing, suitable for "B" correction wave
-Squeeze breaking to downside
-Momentum negative
Downward channel- Price is currently in the low half of the channel, expect an upswing to the top half during correction wave "B"
Elliot Waves -Currently on Impulse Wave "4". Wave "5" upward move is due in the near future.
-Currently on "A" correction wave, "B" bounce is due soon
Resistance and Support Levels- Expect a full 61.8% retracement on the Fibs. This Fib level overlaps with support from the previous peak.
Oscillators -MACD bearish cross
-RSI approaching oversold levels
-STOCH RSI due for an upswing, suitable for "B" correction wave
-Squeeze breaking to downside
-Momentum negative
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