Bitcoin (BTC) Evening Update: Seller Strength is So Sapped, They Can't Beat on Bitcoin Much Longer!
SUMMARY
Bitcoin (BTC) has put in microwave five motive upwards which has allowed the price to remain above the long term trend line. Elliott Waves states that after five waves, there is a requisite correction. One commenter also mentioned the possibility of a 5th fractal wedge...that would be unsurprising!
There is a potential for the correction to be an abcde triangle wave set as shown in the below chart. IF this is correct, then price is likely to reach the upper blue resistance line before being repelled. It could get repelled but the seller power has been thus far so sapped....they may not be able to beat on Bitcoin for too much longer!
The blue circle depicts the rise to the resistance line and the tiny repell and....ideally, a monstrous breakout! This whole process could still take until the 17th to the 23rd of April or so.
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thanks for sharing! yeah totally agree! I hope we will see btc above 7.5k next week.
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Thanx for this infomation :-)
thank you for your hard work and put all this together for us i appriciate your hard work and all this info even tho its alot but reading this helps crypto followers so thank you again .
It's not too hard to copy & paste the same stuff 10 times a day. I actually do his charts 60 times a day!!! Where is my $125 upvotes at?
Some say it will still correct probably slightly below 6k before the Bullish run expected from the 17th of April and beyond. Looking at your analysis it would be interesting if this correction does in fact come about or whether it breakout, as in your third chart.
Yeah!
the green upper resistance to the larger wedge formation is currently being tested. this needs to be broken before an upwards trend to the blue resistance line where one more bounce to the downside is likely. Note also the two fractals in the gray box's and the similar position shown by the green circles.
macro perspective
the green upper barrier has been rejected a few times already on the hourly chart and price is testing the 200 EMA. it is clear there will be a break to the upside or downside in the next 24 hours as the volume is reducing to a crawl.
time of breakout above wedge support line negating E.
nice prediction :)
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Thanksyou for amazing analysis👍
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BTC struggling to break $7,000. Down we go?
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