Spent some time research the previous 4 market structures of BTC today and discovered each wave has 4 points that mark a wave's progression. After 4 peaks BTC has historically and presently had a major dip. After the dip BTC goes through a FIB wedge, consolidating and building up pressure like a spring. After the FIB completes we're back to the bull market and on to new highs again. Each of these waves have historically looked slightly different, but the fundimentals are all there. The FIB wedge is BTC's tell of a change in the market into a new structure.
Commentaire
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drawing a line from 3 to 4 and beyond confirms the bear market is over once the graph has passed this line.
Commentaire
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Also notice the RSI is very low and the MACD chart is indicating a reversal back to bull
Difference here is the MACD is in the negative. So long it's in the negative, it won't rise above the price is as at when it was at the 0 line, and it will continue to have resistance. MACD needs to get above 0. What's the catalyst that will allow that? Only negative catalysts right now. Madoff taking over as Tether's auditors is NOT a good sign.
reg386
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when do you think will the FIB completes?
roaken
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@reg386, It should be complete now. The next 48hours should be interesting to watch BTC.