Bitcoin Elliott Wave Analysis

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 Bitcoin 4 hour chart


Analysis

From the above chart, the crypto continues to trade below the falling red trend line which gives an indication that the trend is firmly negative. However, it seems that the trend will change or it is in the process to change. The price confirmation can only be obtained once the red falling trend line is crossed and it is sustained above it, this will open positive possibilities.

Another indicator is RSI which is exhibiting positive divergence, giving an indication that the downside is minimum from current levels.

As far as Elliott Wave counts, prices are moving in wave v and in wave v it is forming ending diagonal. Recently it completed wave iv of wave v near the resistance and reversed. Now it is moving down to form wave v of wave v.

The summation is Bitcoin can dip towards $17800-17600 levels over short term.


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