BTC CORRECTION Continues
As I have illustrated in the weekly chart, it is probable that Bitcoin has finished a 3 wave correction of a Zigzag correction 5-3-5.
Bitcoin has touched 68000 price which is 0.768 Fib Retracement of W-A of the first 5 wave correction from March high to August low and followed a sharp decline to 64800, the price of 68000 is also, 1.272 Retracement of W-B of 3 wave correction of 5-3-5 Zigzag.
Bitcoin had been in a correction from first week of March 24 to first week of August 24 and is now between 0.382 to 0.618 Time retracement of which signals that Bitcoin uptrend should end from now to 3 weeks later.
Additionally Usdt.d is around Dynamic support of weekly trend.
Stochastic Rsi indicator has been in overbought zone for two weeks which signals upward trend should be limited. price usually make a reversal when both 13,8 Stoch Rsi and 8,5 Stoch Rsi are in overbought and made reversal or in overbought zone.
There has not been overwhelming money inflow to the market and this metric suggest that there should not be enough demand in market for bitcoin to pump price higher.
Bitcoin can start new trend from 68000 to around 40K or maybe lower or it should rise more to 72500 price then make a reversal and make a new trend to 40K or lower.
Unless price Is trading below 72500 the downside scenario is probable and considered however, if it surpass 72500 area this scenario would be invalid.
If price goes above 73000 it suggest that a wave 2 of an 1-2-3-4-5 Impulsive waves has been finished and now we are in a Wave three to well above March high around 90K.
This is not an investment advice and any action taken in regards of making an investment may result in profit or loss which is your own responsibility.
Bitcoin has touched 68000 price which is 0.768 Fib Retracement of W-A of the first 5 wave correction from March high to August low and followed a sharp decline to 64800, the price of 68000 is also, 1.272 Retracement of W-B of 3 wave correction of 5-3-5 Zigzag.
Bitcoin had been in a correction from first week of March 24 to first week of August 24 and is now between 0.382 to 0.618 Time retracement of which signals that Bitcoin uptrend should end from now to 3 weeks later.
Additionally Usdt.d is around Dynamic support of weekly trend.
Stochastic Rsi indicator has been in overbought zone for two weeks which signals upward trend should be limited. price usually make a reversal when both 13,8 Stoch Rsi and 8,5 Stoch Rsi are in overbought and made reversal or in overbought zone.
There has not been overwhelming money inflow to the market and this metric suggest that there should not be enough demand in market for bitcoin to pump price higher.
Bitcoin can start new trend from 68000 to around 40K or maybe lower or it should rise more to 72500 price then make a reversal and make a new trend to 40K or lower.
Unless price Is trading below 72500 the downside scenario is probable and considered however, if it surpass 72500 area this scenario would be invalid.
If price goes above 73000 it suggest that a wave 2 of an 1-2-3-4-5 Impulsive waves has been finished and now we are in a Wave three to well above March high around 90K.
This is not an investment advice and any action taken in regards of making an investment may result in profit or loss which is your own responsibility.
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Clear chart for you to see price resistances.
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Daily chart
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usdt.d possible uptrend.
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