As can be seen on the chart BTCUSDT is meeting double resistance lines.
Expect a drop from here. On the daily time frame we can see a pin bar under construction.
Wait for a correction and look for a long entry around 19000..
The price is moving in a channel. Now it remains to be seen to which side do we have a breakout.
In my opinion, a breakout to the downside is more likely, keeping in view that a correction is due and we have bearish divergence on RSI.
Tell me about your views.
The price is moving in a channel. Now it remains to be seen to which side do we have a breakout.
In my opinion, a breakout to the downside is more likely, keeping in view that a correction is due and various indicators, such as RSI, are showing bearish divergence.
Here I present my Elliott Wave Analysis of BTCUSD. As you can see in the chart, Wave I (i.e. the first motive wave) has completed and the IIIrd wave is in progress. Of this IIIrd wave, subwave 3 has completed and now the corrective wave 4 is in progress. Wave A of 4 has completed and wave B of 4 is likely to bring the BTC upto 9400 almost. From there, wave c shall...
BTC has been moving in a parallel channel , which is slanting upward. But I think now the channel would be broken to the downside. The green candles have negligible volume .
