Bitcoin Technical Analysis: Market Deep Dive
Yesterday I told you bitcoin was consolidating within a small wedge and ready for it’s next move. Within an hour of posting, price broke down from $6,400 to nearly $6,000. The bulls quickly pushed it back above the $6,100 support (0.8865 fib level).
While the overall market continues to look weak, in the short term, we’re seeing some mixed signals. For example there’s bullish divergence on the 4 hour RSI, Stoch RSI and MACD. However, we see slight hidden bearish divergence on the 1 hour MACD and Stoch RSI.
My big picture Elliot wave count is the same one I’ve been discussing off and on for over 6 weeks. I believe bitcoin is completing wave E of a larger WXY pattern. The question is, where's the bottom?
In today’s video update I take a deeper look at the market. I discuss short term price movement, market psychology, where the bottom might be, where I'll consider adding to my long position and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
It may seem to you like you're repeating yourself, but I'm happy for the overlapping information as you quickly go through the different charts and different possible scenarios.
Thanks once again!
Thanks for the feedback @bananamemos. Good to know.
After the Elliot cycle ends, a new one should start .. so we could approach the end of this bearish cycle.
I also wrote about the current situation here if you're interested: https://steemit.com/bitcoin/@aezakmi/crypto-stats-bitcoin-going-solo-again-market-cap-support-and-top-10
Carry on! 😄
I agree. Once this bottoms out, we should begin the bull run everyone's been waiting for.