Quick preview of my past TA - Bitcoin Technical Analysis - 03 April 2018.

The last time I updated, I have expressed that failure to breach the $6.4k - $6.7k zone will bounce the price back up to $6.4k zone. Looking at the price chart, the price bounced back as expected up to $6.58k and it is currently at $6.85k.

The previous ABCDE corrective wave was invalidated due to the failure of breaching the $6.4 - $6.7k zone. I have adjusted the ABCDE corrective wave, supported by the 4-hr RSI and MACD indicators, as shown below.

I am expecting for one more dip up to $6k zone before the bullish run. However, clear breach of $7.7k zone followed by $8k zone will invalidate the current count.

Looking at the 30-min RSI, it shows that the bears are weakening as we are getting higher low RSI but lower low price, thus, it further support the bullish move in the mid - term.

Short - term price movement: Bearish
Mid - term price movement: Bullish

Disclaimer

This is my personal view and I don't claim it to be a professional financial guide. Your decisions are only controlled by you and only you. Listen to what others say, but don’t believe everything that you hear. Research, analyze, and think. In the end, you can only thank yourself for believing in something that is true. Likewise, you can only blame yourself for believing in something that is false.

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