BTC: Another leg down?
Updated
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Given BTC’s rise to 9.7k and the quick drop to the 9k zone, we think another downward leg is highly possible before moving to the upside.
- Elliot Wave: 5th wave needs to be completed
- RSI: Wave3 and wave5 generally form a RSI divergence ->wait for the 2nd RSI dip
- Ideal entry: 8.7k-8.8k
Do you agree or disagree? All thoughts and critics are welcomed!
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🌐 We believe in the power of on-chain data analysis!
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Given BTC’s rise to 9.7k and the quick drop to the 9k zone, we think another downward leg is highly possible before moving to the upside.
- Elliot Wave: 5th wave needs to be completed
- RSI: Wave3 and wave5 generally form a RSI divergence ->wait for the 2nd RSI dip
- Ideal entry: 8.7k-8.8k
Do you agree or disagree? All thoughts and critics are welcomed!
================================================
🌐 We believe in the power of on-chain data analysis!
================================================
Note
BTC at a critical moment. The 2D RSI needs to move above its MAs for a continued BTC bull trend. 
Note
Which resistance's on you chart? The blue or the pink?Note
The targeted zone has been hit. BTC now remains in a bullish trend and we are currently at a level of great risk-reward setup. See the update below from both fundamental and the technical perspectives.
Note
After another week of side way actions, BTC is looking less bullish for the short-term.
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