Will it complete 5 waves down? Timing of end of possible wave down is not indicated on chart. What you see on the chart is just for illustrative purposes. If trying to match the angle of decline in wave one, then I guess the angle for decline of wave 5 could have been a little steeper.
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I think Daily 50 MA and 200 MA only $100 apart. Which I guess means either the bears either force them to cross and then buy, or, bulls push price up to above 50 MA currently at $9,406 fast enough and beyond to stop crossover. I go with the bears for now.
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Note: Market still hasn't closed above Bollinger 20 MA in two hour chart.
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Just checked up on the 15min bar and Stoch RSI from a number of different angles. Appears all set for heading down to a new low.
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My Bollinger bands are just $534 apart which means easier price break out. assuming its not going to close above Bollinger 20 MA its likely to break downwards.
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So 2 hour bar closed for the first time above Bollinger 20 MA but could not get higher than my wave 4 of $8,135.1 and was not strong enough to touch top bollinger band. I guess price must be signalling we are getting near the end of something. Is this begining of a first wave up or a smaller wave within the last wave down. Not everybody will count waves the same (I'm not one to follow the books) Good article from Coindesk "Why Bitcoin's death cross may turn out to be a Bear Trap". I remain a bear for now and 50 MA and 200MA on the daily now only $92 apart.
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Getting some really weird movements in the 4 hour chart. Stoch RSI risen and the market has been choppy not what I would have expected. I can't find a recent precedence.
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Crossing the Bollinger 20 MA may not be so valid anymore as a signal. It could have been caused by market moving sideways.
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Current bar high $7,957 low $7,905. Bollinger's $8,195 and $7,664 difference $531 and close enough for a significant breakout. Coindesk article means bears could suffer waiting for death cross to happen (or not)? Could bulls surprise the bears. The beginning of March started with a rally. My wave four is at $8,135. Will need to reassess short if $8,135 breached, and Bollinger breakout.
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Bearish pennant 4 hour chart with Stoch RSI heading for overbought?
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Since 24th March price on the 4 hour chart hasn't closed above the Bollinger 20 MA.
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Stoch RSI on 2 hour chart also looks overbought and on its way down. Could have one more go up before continuing down, but really looks like that further leg down is coming.
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Looks like my comments above worked out. How low will it go?
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Price took out my lower Bollinger line.
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Hope every body read this "$7,000 Next? Bitcoin Bears Pull Off Downside Break" from Coindesk. Great roundup of what' going on.
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200 and 50 MA's only $67 apart