Technical Analysis on Bitcoin: Epic Battle for Control Between Bulls and Bears

The bulls and bears are in an epic battle for control of the market.

Wave 3 finally found it’s top at around $7,600. It’s now correcting. The question is, how far will it drop? I believe it will likely drop to at least the 0.386 fib level ($7,010), and possibly the 0.5 fib ($6,850). From there I’m expecting a strong bounce to begin wave 5.

The 4 hour RSI is very overbought. This further suggests a pull back is likely.

Looking at the daily chart, we see price has risen above the 55 day EMA (in PINK), and is now testing the 100 day EMA (in Orange). The 100 day EMA is acting as strong resistance.

I do have a bearish count that’s still in play. This is NOT my primary count, but should be considered as a possibility. If accurate, this has bitcoin in a big picture ABC correction, with a bearish wave 1 about to begin. Here’s how it might look:

Please watch my video analysis for MUCH more information and details not found above.

Video Analysis:

BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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by Workin2005

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