CRYPTO NEWS : #BTC/USD 07 05 2018

BTC/USD

BTC is currently testing very important area that was resistance, then turned into support and now it will keep holding BTC or it will turn into resistance.

This chart is showing one wave down. Usually, after correction wave, we can expect consolidation and it happened. If you are good in Eliot wave theory, it doesn't matter if this is corrective or impulsive wave, one more wave should happen. Unfortunatelly we need more factors to confirm that this will follow Eliot wave theory but it is one potential bearish sign.

So chart is not showing us a lot of signs. That's why we should use indicators.
MACD & Histogram is not showing a lot but on low time frames it is a little bit more bearish. My main focus is on Fibonacci that warned me on time of potential correction that actually happened. We can see on chart that Fibonacci is forming rising wedge. Yeah, you can draw patterns on indicators too. So, it is for me very bullsih sign and if we include the fact that it is formed on 1h time frame, one of the most used one, hmm I am again a little bit more bearish than bullish. I do not have any position on BTC and won't open any but if I have to choose which one to open, I would not open long for sure. This is not an advice, I just want to warn you that current correction may continue further down to 9.2-9.3k. Chances are not huge but based on indicators I use, chances for downtrend continuation are a little bit higher than chances for trend reversal. Before potential downtrend continuation, we may see pullback to 9650 so do not think if we start going up that correction time is over.