hey guys welcome to a brand new Bitcoin XBT update, now above chart is completely clear, if you understand Elliot wave corrective formations, than you already know that this is a D3 flat corrective formation, and we're now most likely in a Y wave which usually acts as a zigzag correction. so here comes two possibilities, if prices bounce strongly from 9600-9750 than most likely a triangular formation will be developed, and if prices breaks this zone than we could see new lows below previous 9100 level, as the final wave C
now allover trend in bitcoin is quite bullish and this chart is the major reason for that. this is Gold price chart and you can see that gold just broke the 1500 historic level and still there's no sign of weakness in trend, prices of gold represents current situation in geopolitics and fear in major markets and bitcoin will definitely get its advantage, popular as digital gold lots of fresh money is getting in bitcoin right now which is enough to keep pushing the prices upto 11k or 12k level, or hold bears above 9000-8000 level.
meanwhile a small correction could occur in short term but still trend looks quite bullish.
oscillators showing weakness in trend in 1h chart, a potential reversal is possible, after a correction towards 10230-10350 zone
we're getting closer to retest 100MA in daily chart, hovering at 9800 level in current situation, so a test towards 9750 might be possible in coming hours
getting death cross in 4h chart, strong bearish, be prepared
bears perfectly hold the fib618 level around 10800
perfectly completed flat corrective formation, most likely we could test the 10000s level and than a bounce to wash bears towards 10230-10350 zone, this level will decide the next price direction, if we cross 10350 than be ready for 11200-11350 zone but if prices drops from here than be ready to short for new lows.
consider 9750 and 9500 as a major support levels.
thats all for now, dont forget to hit like to support my work and keep energizing me to bring quality content, do share youre views with me in comments
this is husain zabir signing out, thankyou:)
meanwhile a small correction could occur in short term but still trend looks quite bullish.
consider 9750 and 9500 as a major support levels.
thats all for now, dont forget to hit like to support my work and keep energizing me to bring quality content, do share youre views with me in comments
this is husain zabir signing out, thankyou:)
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Bitcoin in action right after my post we test the 10000 level now a potential corrective wave upto 10200s level is expected
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meanwhile good news for altcoins is that btc dominance is now loosing strength, indication for the beginning of a new alt season
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altcoin market cap gaining mometum
