BTCUSD – Falling Wedge, Elliot Waves

BTCUSD – Falling Wedge, Elliot Waves

Bitcoin / Dollar BITFINEX:BTCUSD


Falling Wedge BTC             is making a falling wedge pattern after making 5 bullish waves up, this is nearing completion along with the elliot waves within
Waves – BTC             is nearing completion of its fifth wave down, each bounce up so far has had bearish divergence on the RSI , with the exception of this last wave, which is showing bullish divergence on both the RSI and CMF             indicators.

Buy targets are taken from the pennant target at around 7.6k, to the fib and trend supports at around 7.8-7.9k, price targets for the first run of a possible breakout are 8.6-9k, being near wave 4 of the previous movement and Ichimoky Cloud, 4h 200ma and macro fib resistance, market conditions would have to be assessed at that region after a breakout.