Saturday, June 23, 2018 - BTC/USDT Daily Analysis

Today Bias: Bearish
Next Week Bias: Bearish
Next Month Bias: Neutral

BTC/USD Analysis - Elliot Wave Perspective

The technical picture still looks relatively bearish today, with very short-term long opportunities using the 5-minute/15-minute charts. I highly expect consolidation and range trading throughout today between $6,000 - $6,200 in order to reset BTC/USDT's technical indicators towards the overbought levels in order for another attempt downwards.

From an Elliot Wave perspective, I do believe we are working on a sub-wave 4 structure in an ongoing 5-3-5 simple zig-zag correction into the 5th wave. Therefore, I am leaning towards a bearish bias.

https://www.tradingview.com/chart/BTCUSDT/GRvtFWrR-BTC-USDT/

BTC/USD Analysis - Indicators Perspective

I do expect a weak bullish bounce towards the $6,100 - $6,200 region as the 4-hour RSI and Stochastic indicators are oversold. In trading, we call this "breathing in before breathing out." The indicators need to reset towards the higher end of its ranges in order for price to try and continue its downwards trend by having another sell-off.

https://www.tradingview.com/chart/BTCUSDT/caUSblZ2-BTC-USDT/

BTC/USD Analysis - Pattern Perspective

The technical picture illustrates another form of consolidation occurring on the 1-hour timeframe. The past few fractals have shown bear-flag patterns form and another one can easily be in the making. The more BTC/USDT consolidates without heavy buying pressure to breakout of bearish formations, the more likely the downtrend will continue.

https://www.tradingview.com/chart/BTCUSDT/xl9sQQ9j-BTC-USDT/

Performance Analysis for the Week 6-16-2018 to 6-22-2018 for My Service:

Total Trades: 14

Total Wins: 9

Total Losses: 5

Total Win%: 64%

Total BTC% Gain: +20.9%

Total USDT% Gain: +8.3%

For exact entry price, take profit levels, and stop loss recommendations for BTC/USDT, visit https://cryptochoe.com.