Quick preview of my past TA - Bitcoin Technical Analysis - 06 April 2018

Reveal spoiler

On my last TA, I have said that it is possible that the corrective truncated ABCDE wave may have been completed at $6.4k zone. Now, the price has breached the resistance channel which may signal upward movement.

However, I am not yet fully convinced that the price is now on its way up as the RSI and MACD indicator is forming consolidating pattern which may not be completed until the 2nd week of May.

Below are two bearish scenarios. First is the wave D fails and breached the support at $6.6k zone which will signal the new ABC corrective wave (green). Second scenario is the price will bounce and revisit the $6.9k - $7k zone before going back down to form an ABC corrective wave (red).

Short-term price: slightly bearish to neutral
Mid-term price: bullish

Disclaimer

This is my personal view and I don't claim it to be a professional financial guide. Your decisions are controlled by you and only you. Listen to what others say, but don’t believe everything that you hear. Research, analyze, and think. In the end, you can only thank yourself for believing in something that is true. Likewise, you can only blame yourself for believing in something that is false.

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