Connect with us

News

Bitcoin Price Rally, a Healthy Price Correction Looming

Published

on

Bitcoin Price

Bitcoin price has experienced a massive rally in 2019 as price keeps breaking out all major and minor resistance with the adoption of the blockchain technology by mainstream technology companies and interest by Wall Street firms. Will this rally continue or a healthy correction is due?

Let’s have a look at the $BTCUSDT chart


$BTCUSDT Elliott Wave Analysis on the Daily time frame

We can see price is forming a basic 5 wave pattern since December 2018.
We currently have a very nice set up at the top, an ending diagonal to complete the  wave 3 around the $9400/9800 zone before breaking out for an healthy correction to wave 4 around $5800/600 zone.


$BTCUSDT on the 4 Hour time frame

Price is currently forming a Rising Wedge with a Bearish Divergence on the MACD. However, I’m still expecting a push up to $9400/9600 zone where volume becomes even more weaker before the sellers rally.

0 0 votes
Article Rating
Advertisement Earnathon.com
Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Crypto News Update

Latest Episode on Inside Blockchain

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts

0
Would love your thoughts, please comment.x
()
x