$BTC is showing signs of weakness today:
- Rising wedge breakdown
- RSI Oscillator divergence
- REI Oscillator Weakness
- Sequential 13 Exhaustion point
Positive signs:
Elliott Wave indicator is showing we are likely in a Wave 4 Consolidation before another leg up.
The first area of support is between 10.600 and 11.000USD which is the most likely one for a Wave 4.
It could also coincide with a RSI pullback to the 40-50% zone helping the indicator to cool down.
A stronger correction is also possible but would turn BTC in a negative bias if RSI also turns negative.
A Daily Close below 9.200 USD would mean a Bearish scenario.
Best!
MATHR3E
- Rising wedge breakdown
- RSI Oscillator divergence
- REI Oscillator Weakness
- Sequential 13 Exhaustion point
Positive signs:
Elliott Wave indicator is showing we are likely in a Wave 4 Consolidation before another leg up.
The first area of support is between 10.600 and 11.000USD which is the most likely one for a Wave 4.
It could also coincide with a RSI pullback to the 40-50% zone helping the indicator to cool down.
A stronger correction is also possible but would turn BTC in a negative bias if RSI also turns negative.
A Daily Close below 9.200 USD would mean a Bearish scenario.
Best!
MATHR3E
