Target's Hit, What's Next?
- As expected and stated in previous post we smashed my main target at $6,300 and even went further down to $6,071 which I also flagged for in my post 9 days ago. (https://steemit.com/bitcoin/@benkalashnikov/3drhgp-bitcoin-short-term-view-bearish)
- Rising wedge pattern broke as expected and we have formed an ABC correction.
ABC Correction
- There are 2 possibilities of ABC corrections in this case. - 1st is that we've already completed the correction (green waves). And this one is most likely to me cause we hit the fibonacci level at 61%. - 2nd is a longer one and would indicate that we're on the B wave now and that we have one more leg down to the next support zone which is at $5,900 (red waves) - Either way, to trade these scenarios, I would concentrate on buying on support and selling at resistance levels.
Where Do We Go From Here?
- Bullish divergence when RSI is gaining strength and price is moving down. - However, we're at a resistance zone both in price and also in RSI strength so beware. If we get rejected here, I would expect a price dump to the orange line. - Check next picture for mid term view.
Mid Term Elliott Wave Count
- Mid term target at around $7,600
- Currently in the 3rd impulse wave. This count will get a stronger confirmation if we see a lot of volume here. If not, I would be cautious.
- First obstacle is $6,800. Let's see if we can break that resistance zone.
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