Bitcoin Drops...Wave 2 Failure. Critical Test Coming!

Yesterday we were hoping to see a bounce to begin wave 3. Instead we got a temporary sell off by those wanting to lock in profits. When wave 2 drops below the start of wave 1, we can officially label it a failure. There's strong support between $7,920 and $7,860. I expect Bitcoin to consolidate on top of this support for a time before deciding if it will begin another uptrend.

Looking at the 4 hour RSI, we can see a strong ascending support line has formed. I've pointed this out for a few days now. Bitcoin looks to be preparing to test that support. If it holds, I fulling expect the uptrend to resume. If it fails to hold, and bitcoin goes below that support line, expect it to drop down between $7,400-$7,500.

I've continued to keep you updated on the descending triangle pattern on the LOG scale chart. For now, not much has changed. I continue to hold the belief that bitcoin must breakout on top of this descending triangle if an uptrend is to remain sustainable.

Bias:
I'm completely neutral in the short term, but remain very bullish long term.

On a personal note: Please take 2 seconds and upvote this post if you feel I deserve it. Thanks guys!

I hope this has been helpful. If you enjoyed this article, please let me know by clicking the up-vote tab below. Also consider following me so you receive the latest updates. As always, if you resteem my post, leave me a comment and I’ll return the favor by resteeming one of yours. If you didn’t enjoy this article, let me know how I can improve to earn your vote in the future.

If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here for free: https://www.binance.com/?ref=16878853

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

#crypto #life #steemit #steem #blog #news #bitcoin #cryptocurrency #investing #eos #finance #btc #ethereum #litecoin #ripple #stellar #nano #icon #cardano #xlm #xrp #eth #bch #vechain #ven #digibyte #dgb #binance #ripple #ltc #tron #trx #bnb