Bitcoin, bear or bull scenario?

in #bitcoin7 years ago (edited)

After a massive impulse wave of more than $1.000 in price, Bitcoin still holds in the 8k area. The TA shows some signs of a bear scenario:

  1. Volume decreasing
  2. Bearish divergence on the RSI
  3. Head and shoulders pattern formed
  4. Symmetric Triangle (this one is neutral)

Scenarios:

a. A break above the resistance line will indicate the 5th wave of the Elliot Wave theory, and assume the 4th wave landed on the 0.236 Fib retracement.

b. A break below the support of the triangle will indicate a deeper correction, probably between 7400 and 7600.

We will know in a few hours!!!

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