BitcoinShort
🔥 Bitcoin Following Elliot Waves Pattern: Fourth Wave Started?
Over the course of the last few weeks I've made several analyses on BTC and the Elliot Waves pattern it's potentially trading in, see below for the most recent one.
In my previous analysis I argued that there was reason to believe that the third wave topped because we were trading inside a very important area of resistance and the RSI was touching the overbought area.
And here we are. We gave away all of last weeks gains and things are looking bleak in the near-term.
It's difficult to predict where the 4th wave will bring us, but the 25,200 support is the strongest support area in sight, so I'm holding on that area for now.
Immediate future looks bearish, but there's still a decent probability for a next wave up.
Share your thoughts🙏
Note on the lengths of the waves: take them with a grain of salt and not as an exact science. I'm merely attaching them to important areas of resistance.
In my previous analysis I argued that there was reason to believe that the third wave topped because we were trading inside a very important area of resistance and the RSI was touching the overbought area.
And here we are. We gave away all of last weeks gains and things are looking bleak in the near-term.
It's difficult to predict where the 4th wave will bring us, but the 25,200 support is the strongest support area in sight, so I'm holding on that area for now.
Immediate future looks bearish, but there's still a decent probability for a next wave up.
Share your thoughts🙏
Note on the lengths of the waves: take them with a grain of salt and not as an exact science. I'm merely attaching them to important areas of resistance.
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