Fundamental Insight: As the whole world await the outcome of ETF proposal submitted to SEC for approval, if ETF got approval it will surely take BTC back to the moon and surpass the all time high.
But if ETF did not go through and got reject, that will cause massive fallout for BTC and that will possibly take us back to new low, talking of 2500-3000$ area.
Fingers crossed as we hope for the best.
Technical Analysis: BTC trading near trendline and this will be third attempt on this same trendline, the first and second tests occurred at March 5th, 2018 and May 5th, 2018 consecutively.
EW Analysis: From the last ATH (19,985$) price drop to test present low at 5724$ which I believe its will be our yearly low if all goes well.
We started counting impulsive waves from the low 5724$.
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#Divergence Alert# Possible Divergence detected
We need to watch BTC price movement at 7800, if price reject 7800 then the next support is 7045 then if that fail next is 6800.
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Price touched 7800 zone let wait for divergence confirmation.
코멘트
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BTC Started trading in a channel that look like BEAR FLAG the range is denoted with wave count (abcde).
Remember we still have divergence in play, let see how today will end.
Expecting flash pump to 7900 then drop if possible.
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Bearish Divergence invalidated.
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Sub wave iii of wave 5 completed price touched 8360 area.
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Look like we are coming gradually to the end of the rally as a cycle is almost completed. We should keep an eyes on 8800 to 9100 for the possible end of WAVE 1, then we start the selling mode for wave 2.
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Price completed subwave iv of wave 5.
Next wave target will be 8800-9100 to complete the first Principal wave Cycle.
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We are still on sub-wave iv of wave 5. And this wave has a space of trading till 7500$.
We highlighted some level to watch for possible reversal and if this happen we will go up to complete wave 5 at either 8800-9000
7865 7757 7585
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New thread created for the purpose of this corrective pattern guys follow it up from here.
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New post created on BTC to follow up the previous analysis, guys do please have a look and leave your comments.
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Updated post opened to follow the current market effect.
RSI is overbought on all time scales, if it keeps going up from here that's what I call psycho fomo, and a big harvest is about to happen with some bloody candlesticks.
weslad
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@ansonphong, Let wait for possible divergence. Lol "Psycho Fomo" Lol, love that words