Bitcoin Heading to 3,700 then perhaps restesting 3,200
Trend
Bitcoin has been declining over the past 9 days and is currently just trending below the bottom of an ascending wedge that was formed over the last bull run up from $3,200. We can expect the price to trade at the $3,800 range for less than 24 hours at the most, before a fall to the ~$3,700 support levels.
Bearish Targets
Target 1: ~$3702.90
Target 2: ~$3,550
Target 3: ~$3,230
RSI
Besides the spike up after Christmas (28th Dec - 29th Dec) RSI has been trending lower and lower in a descending line. We can expect failure from the bulls to push price past the $3,900 zone causing the price to dip down to the $3.700 support and for RSI to follow as well to below-oversold levels (30 RSI) before the bulls can enter again.
Descending Triangle
We have a major descending triangle stemming from the high of 23rd Dec 2018 and a low point of 15th Dec 2018. If the bulls manage to push the price above the current down trendline we will most probably not see a retest of the $3,200 levels. However, in the bulls failure to do so, we will most likely see price collapsing to last years all-time lows.
Possible Elliott Wave Formation
At current prices (~$3,800) we are experiencing a squeeze in price within a descending trendline and the support. If prices fail to move up we might be witness to the start of an Elliott Wave Formation descending toward ~$3,200, as shown on the charts.
Overview
Price is trading within a tight range, if bulls fail to push the price above $3,900 we might see a collapse in price toward $3,700 which could also be the start of an Elliott Wave formation down to the low of $3,200.
Bitcoin has been declining over the past 9 days and is currently just trending below the bottom of an ascending wedge that was formed over the last bull run up from $3,200. We can expect the price to trade at the $3,800 range for less than 24 hours at the most, before a fall to the ~$3,700 support levels.
Bearish Targets
Target 1: ~$3702.90
Target 2: ~$3,550
Target 3: ~$3,230
RSI
Besides the spike up after Christmas (28th Dec - 29th Dec) RSI has been trending lower and lower in a descending line. We can expect failure from the bulls to push price past the $3,900 zone causing the price to dip down to the $3.700 support and for RSI to follow as well to below-oversold levels (30 RSI) before the bulls can enter again.
Descending Triangle
We have a major descending triangle stemming from the high of 23rd Dec 2018 and a low point of 15th Dec 2018. If the bulls manage to push the price above the current down trendline we will most probably not see a retest of the $3,200 levels. However, in the bulls failure to do so, we will most likely see price collapsing to last years all-time lows.
Possible Elliott Wave Formation
At current prices (~$3,800) we are experiencing a squeeze in price within a descending trendline and the support. If prices fail to move up we might be witness to the start of an Elliott Wave Formation descending toward ~$3,200, as shown on the charts.
Overview
Price is trading within a tight range, if bulls fail to push the price above $3,900 we might see a collapse in price toward $3,700 which could also be the start of an Elliott Wave formation down to the low of $3,200.
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