Technical Analysis on Bitcoin and possible continuations

Bitcoin

Bitcoin had a small drop today, after closing two days in a row and forming a tweezer top formation. It also looks like we're possibly forming a flag, a bearish flag more exactly, which usually ends with a breakdown and a further down trend. The TD Sequential indicator is at the 8th candle on the daily chart and if we close tomorrow our 9th candle above 6900$, it will indicate a sell. The last 9th bullish candle (on August 8th) worked pretty well.

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A better look to the charts tells us that Bitcoin got rejected exactly at the 0.5 fibonacci retracement from the previous run. Now we're heading towards the 0.382 level, but I don't believe that we will close below the 55 and 100 Moving averages.

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On the 1h chart it seems that we have completed a 5 wave Elliot cycle with a ABC correction. The C wave could, however, extend a little more. Also, a new cycle could begin, bringing Bitcoin to a new recent all time high.

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These are some of the exchanges I use:

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• Bitfinex - my most used exchange
• Binance - most popular exchange
• Kucoin - excellent exchange, rising in popularity
• Gate - for small cap / new coins
• Huobi - margin trading
• Coinexchange - big variety of coins

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Thanks for reading and safe trading!✌

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