BITCOIN $27750 Marco Wave Analysis Update May 30 2023
BITCOIN $27750 Marco Wave Analysis Update May 30 2023
It appears that BTC has put in its wave 1 on the macro from 15.5-31k
Currently, bears are attempting to take over by constructing a slow and choppy wave 2, which could retrace to 0.50-0.618fib at 22-20k.
But the 0.382fib(~23850) is still a slightly strong support. So 0.382fib will be the first take profits zone for bears and a buy zone for Bulls
For the correction of the Wave2 to be invalidated, bulls would need to flip the 2D macd positive. As of now price manages to get back above the 2/3D 21ema, which is a positive sign for the bulls.
If price breaks the 30.3k resistance, the structure could flip in bulls' favor as they could attempt to break 31k and change the current wave count.
It appears that BTC has put in its wave 1 on the macro from 15.5-31k
Currently, bears are attempting to take over by constructing a slow and choppy wave 2, which could retrace to 0.50-0.618fib at 22-20k.
But the 0.382fib(~23850) is still a slightly strong support. So 0.382fib will be the first take profits zone for bears and a buy zone for Bulls
For the correction of the Wave2 to be invalidated, bulls would need to flip the 2D macd positive. As of now price manages to get back above the 2/3D 21ema, which is a positive sign for the bulls.
If price breaks the 30.3k resistance, the structure could flip in bulls' favor as they could attempt to break 31k and change the current wave count.
