The bitcoin course has made the long-awaited …

The bitcoin course has made the long-awaited …

Bitcoin: The long-awaited correction


Bitcoin rate made a long-awaited clean breakdown of resistance

  • Bitcoin makes a bullish breakout of the ascending triangle.

  • Support is located at $ 15,800.

  • BTC rate is probably in the 5th wave of the 5th wave.

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Bitcoin finally managed to make a clean breakdown of the $ 15,800 resistance area and reach almost $ 16,500.

The bitcoin course has made the long-awaited ...

While a decline and test of the new support area is possible in the near future, in general, it does not look like BTC has already reached the top..

Bullish breakout

The bitcoin (BTC) rate has been trading under the resistance area of ​​$ 15,800 since November 5th. The pair formed an ascending triangle on the chart and yesterday was able to finally make a bullish breakout, reaching a maximum of $ 16,494. After that, the price retreated slightly.

Now the $ 15,800 area can play a support role. There is also an upward support line here..

Schedule BTC. Source: TradingView

On the short-term chart, Bitcoin has begun to show signs of weakening. The pair formed two bearish engulfing candles, and then an evening star pattern, which is considered to be a bearish reversal pattern.

In this regard, the price correction to the $ 15,800 area is likely and its strength testing as support (as well as testing of the upward support line). After that, the market should resume growth.

Schedule BTC. Source: TradingView

The bitcoin course has made the long-awaited ...

Long term resistance

Despite the bullish breakout, the daily trend began to show signs of weakness. This manifested itself in the form of strong bearish divergence signals on the RSI, with the index in the overbought zone.

However, neither MACD nor Stochastic Oscillator show any signs of weakness..

Schedule BTC. Source: TradingView

In addition, the price reached the Fibo level of 0.786 at $ 16,140 (correction from the historical high of 2017).

Together with bearish divergence signals, this indicates the likelihood that the BTC rate may be approaching the top of the current bullish move..

If the growth continues, further resistance will meet the pair at $ 17,264.

Schedule BTC. Source: TradingView

Wave analysis

Probably, the BTC rate is within the 5th sub-wave (blue) of the 5th wave, the target level for which is the area of ​​$ 16 900- $ 17 200.

As we wrote earlier, this goal was determined by us using the projection of the length of subwaves 1-3 to subwave 4 (blue and orange). In addition, here is the Fibo level 4.618 of the extension of the subwave 1 (blue).

Schedule BTC. Source: TradingView

A more detailed sub-wavelength analysis (black) also confirms our analysis results, also suggesting that we can see a short-term decline, followed by another, final, growth phase.

The bitcoin course has made the long-awaited ...

Schedule BTC. Source: TradingView


Thus, in the short term, BTC may decline to test the level of the bullish breakout, however, it looks like the growth phase has not yet exhausted itself..

You can read the previous Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.


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