Hello friends!
Just a quick update on my analysis yesterday :
Here are some things to be positive about :
1. BTCUSD sitting quite comfortably on the support of wave 1 Fibs retracement
you can see that the same level has been tested on the previous correction a and it holds up pretty well!
also, there was a short period of uncertainty before BTCUSD moves higher. I think we might very well see that again!
2. Trendline support
The fib retracement sits nicely on the blue trendline giving BTCUSD an additional layer of support
3. "kind of" Bullish engulfing & tweezers bottom
Not really engulfing when we see the head of the bear sticking out... But combined with other observations, i think the huge candle with longer real body and short shadow is something worth mentioning
4. Slight bullish divergence on RSI
see pink line
Nothing is certain now, we still have to wait for a decisive price action to break the uncertainty.
In the event that price goes down, the bears would still have to test the strong fib support zone and upper channel before winning this battle.
But if everything goes as planned, this is the end of wave c correction of wave 2.
Get ready for wave 3, which usually is the longest!!
Just a quick update on my analysis yesterday :
Here are some things to be positive about :
1. BTCUSD sitting quite comfortably on the support of wave 1 Fibs retracement
you can see that the same level has been tested on the previous correction a and it holds up pretty well!
also, there was a short period of uncertainty before BTCUSD moves higher. I think we might very well see that again!
2. Trendline support
The fib retracement sits nicely on the blue trendline giving BTCUSD an additional layer of support
3. "kind of" Bullish engulfing & tweezers bottom
Not really engulfing when we see the head of the bear sticking out... But combined with other observations, i think the huge candle with longer real body and short shadow is something worth mentioning
4. Slight bullish divergence on RSI
see pink line
Nothing is certain now, we still have to wait for a decisive price action to break the uncertainty.
In the event that price goes down, the bears would still have to test the strong fib support zone and upper channel before winning this battle.
But if everything goes as planned, this is the end of wave c correction of wave 2.
Get ready for wave 3, which usually is the longest!!