EW Analysis: Bitcoin Can Be Approaching Important Resistance!
Hello Crypto lovers!
Today we will talk about Bitcoin
BTCUSD
!!
Bitcoin is in a strong uptrend since the beginning of 2019, but current intraday rise seems to be out of a triangle. What do you know about triangles?! Yes, triangles are corrective and continuation patterns, but they usually occur in wave "iv", so after a break out into a wave "v", we should be aware of a potential reversal since we know that in EW theory after every five waves, a three-wave pullback follows! So, do you see what's happening?!
The next important chart is definitely Bitcoin Futures. History is telling us that these GAPs which occur over the weekend, they usually get filled. If we take a look on BTC Futures chart, we can see two unfilled GAPs, so don't be surprised if we see a bigger decline soon, ideally back to projected support around 7200 - 6200 area!
Another evidence of a potential decline in the Crypto market can be Bitcoin Dominance chart! What we currently see is a corrective recovery in wave B within an expanded flat pattern, so seems like even BTC dominance might be approaching resistance soon.
That being said, not only BTC, many other ALTs are looking for a deeper correction, so if we respect those evidences and correlations with ALTs, then we should be really aware of a potential drop, ideally around 9500 - 10000 resistance area.
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Bitcoin
BTCUSD
!! Bitcoin is in a strong uptrend since the beginning of 2019, but current intraday rise seems to be out of a triangle. What do you know about triangles?! Yes, triangles are corrective and continuation patterns, but they usually occur in wave "iv", so after a break out into a wave "v", we should be aware of a potential reversal since we know that in EW theory after every five waves, a three-wave pullback follows! So, do you see what's happening?!
The next important chart is definitely Bitcoin Futures. History is telling us that these GAPs which occur over the weekend, they usually get filled. If we take a look on BTC Futures chart, we can see two unfilled GAPs, so don't be surprised if we see a bigger decline soon, ideally back to projected support around 7200 - 6200 area!
Another evidence of a potential decline in the Crypto market can be Bitcoin Dominance chart! What we currently see is a corrective recovery in wave B within an expanded flat pattern, so seems like even BTC dominance might be approaching resistance soon.
That being said, not only BTC, many other ALTs are looking for a deeper correction, so if we respect those evidences and correlations with ALTs, then we should be really aware of a potential drop, ideally around 9500 - 10000 resistance area.
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comentário:
BITCOIN came into the target zone! Watch out for a bigger decline at the end of this week and we have many more evidences about that!
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