BTC $4700? Dead Cross, Is Correction over?
First I have to say I have no direct background in coding or programming, so this analysis is purely base on technical analysis of chart and price actions taking in other theory and observation as Elliot's wave and Fibonacci.
Has the fundamental change? As mention I am not the technical person to say that but looking at our wave count and history (only 3 months ago!) The correction is not over.
This position that we are right now could be wave B of the correction wave and it could rebound up to 618 or 786 fibo levels measuing from the top. In the previous correction, there is C wave which ultimately came down to 618 FIBO 3000$ level before bouncing back aggressively.
One more reason of the correction, looking at time cycle, the bull run was about 2 months, so base on technical analysis the correction of two days is too little.
Another reason is if you look at the EMA 34 and 89 presented on 4H chart presented here which if you trace back that any time that theres a cross up or down a trend is present, this time its dead cross.
This retracement has yet to reach those level, so my call is it will make another wave down to the 4,700 area.Which then we will re access our postion.
I love BTC, it has been a very great experience for me involving around such world changing tech. Although I posted previously that it might go to 10,000 mark and believe me I want it to go to such height. My past analysis that was before the news of cancellation of segwit2x which I think make those who bought BTC in hope of gaining new coins for free has close their position.
Please keep in mind that the long term trend is very bullish and in long term I think 10,000usd per BTC mark is still very much in sight.
This analysis is invalid if one full candle on daily chart is present breaking up the uptrend line.
Your likes and comments are important ;)
Has the fundamental change? As mention I am not the technical person to say that but looking at our wave count and history (only 3 months ago!) The correction is not over.
This position that we are right now could be wave B of the correction wave and it could rebound up to 618 or 786 fibo levels measuing from the top. In the previous correction, there is C wave which ultimately came down to 618 FIBO 3000$ level before bouncing back aggressively.
One more reason of the correction, looking at time cycle, the bull run was about 2 months, so base on technical analysis the correction of two days is too little.
Another reason is if you look at the EMA 34 and 89 presented on 4H chart presented here which if you trace back that any time that theres a cross up or down a trend is present, this time its dead cross.
This retracement has yet to reach those level, so my call is it will make another wave down to the 4,700 area.Which then we will re access our postion.
I love BTC, it has been a very great experience for me involving around such world changing tech. Although I posted previously that it might go to 10,000 mark and believe me I want it to go to such height. My past analysis that was before the news of cancellation of segwit2x which I think make those who bought BTC in hope of gaining new coins for free has close their position.
Please keep in mind that the long term trend is very bullish and in long term I think 10,000usd per BTC mark is still very much in sight.
This analysis is invalid if one full candle on daily chart is present breaking up the uptrend line.
Your likes and comments are important ;)
Komen:
Wait for it!, Dont chase rising price! I might be wrong but there is important resistance at 7,300 area, only its broken, then this trade is off.