BITCOIN, time for a CORRECTION down?

2019年6月27日

When I look at the EMA on the 2H Bitcoin chart I see that they were broken from the top to the bottom. It is very important to understand, was it fake as it was on the 1-2 wave, or it is a changing of a trend to a correctional phase. To be honest, the second option looks very real, especially when we look at the Fibo levels and at the Eliott Waves cycle 1-5 which can be considered as a finished.

If the breakdown was fake, then the price should take hold above the $12435 level. In this case, Bitcoin will continue moving upward and face $13880 (the next strong resistance). However, if the breakdown wasn't fake we would see how the price fluctuates below the mentioned resistance ($12435) which will mean that Bitcoin will continue mowing downward (ABC wave). This case, the next strong support is located at the $11420 level (AB wave). From this zone we can see a small upward bounce and then continue moving down to the zone $9500 - $10500.

If the global bullish trend wouldn't be broken, after this correction we can expect the continuation of the upward rally which means that $14000 & $16000 points are quite real.

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