At the moment the key chart (IMO) to watch on Bitcoin is the weekly chart at press time.
We are currently just below the weekly 9 ema, if we close below, this could very well signal a fall lower is on the cards.
As i have noted several times, during the 2017 bull run, Bitcoin regularly fell to the weekly 9 ema and then bounced higher, however, when Bitcoin failed to do so it found eventual support at the weekly 20 ma.
At press time that level is around $7,700 USD (after this week it will likely be closer to $8,000 USD).
The Elliot wave analysis also supports a deeper correction is on the cards, the failed (B) wave rally is now flowing into the (C) wave final correction.
I am personally expecting one of three scenarios
We are currently just below the weekly 9 ema, if we close below, this could very well signal a fall lower is on the cards.
As i have noted several times, during the 2017 bull run, Bitcoin regularly fell to the weekly 9 ema and then bounced higher, however, when Bitcoin failed to do so it found eventual support at the weekly 20 ma.
At press time that level is around $7,700 USD (after this week it will likely be closer to $8,000 USD).
The Elliot wave analysis also supports a deeper correction is on the cards, the failed (B) wave rally is now flowing into the (C) wave final correction.
I am personally expecting one of three scenarios
- 1) Deeper correction to the weekly 20 ma
2) Bounce from here and a weekly close above the 9 ema
3) Consolidation from here to allow the moving averages to catch up (crypto does not often do this, mind you)
