BTCUSD
Current Trend
Bitcoin had a short rally after a massive 5 wave fall from 2 days ago. The break of the supporting trendline from my previous post was fulfilled by my prediction of the break being Elliott Wave 1 for a movement to the bear side. The 5 waves have been completed and were looking for the ABC pattern before finally breaking weak support and moving down to the baseline of 7,300.
Price Targets
We're still looking an initial price target of 7,300 in the short term movement, before a further drop to 6,750. (6,750 is a conservative target as we do not know for sure how low toward the baseline on the daily chart price action will reach).
RSI
RSI is sitting at 35 at this moment and we can expect it to fall below the threshold for overbought after breaking the current level of support at the 7,350-7,375 range. It will continue to dip further when the price crashes to the baseline of 7,300 where traders will be validated to buying again - forming lower highs.
Wedge
The wedge formed around the 5 Elliott Waves and the ABC pattern will most likely be broken on the downside for price to hit 7,300 within the next 12 hours. Measured by the number of candlesticks left in the wedge. So expect to make some money if you have already shorted yesterday before the break of trendline. I would not recommend making a short at this time, due to the fact that once hitting 7,300 price will most likely rebound AND it could possibly reach the same heights as the price is now.
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Kept gains are less pains
ElNOIV
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Keep in mind that once price breaks the 7,350 support, it will bounce around in a range between 7,300 and 7,350. Most likely in an ABC pattern before breaking the baseline and starting the next major 5 Elliott Waves down.
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Okay so, the price broke the wedge upward. It is unlikely it'll push pass the 7,700 resistance level. It is ultimately going to fall to the baseline still before break and falling to the 6,500-7,000 range. The big break up was by institutional players manipulating the market, so they can sell once the market crosses the threshold in the future. I still have a bearish outlook.
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The new support levels for the break up.
The new support levels for the break up.
