Decision time! (BTC)

By EliteElliott | Crypto TA | 2 weeks ago

$0.37 tipped


Finally, BTC has reached the Zone of Interest. As mentioned earlier, we were expecting to see some sort of reaction around this area.

Let's take a look at the Chart and see what is happening:

 

  • On the 4 Hr Chart we can see a clear Divergence as the Price of BTC keeps making Lower Lows while the RSI is making Higher Lows.

 

  • We are also seeing how the Lower Highs have created a Short-Term Downtrend indicated by the Trend line.

 

  • On the Daily Chart we can see how the bottom of the Zone is acting as Support, holding the Price up, which has led to the formation of a few good Rejection Candles.
  •  

Once again these Opposing forces (Trend Line, Support Zone) have pushed the Price of BTC into a corner where a decision has to be made. If we were to lose SupportBTC could easily find itself going back down towards the previous low at 7.2K. There might be a thin Support around the 8k-7.9K area.

 

On the flip side, if the Price manages to break above the Trend Line, on good Volume, we could see a run-up towards the 8.7K area.

 

Will the Bulls gain control, or are the Bears ready to strike again?

 

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EliteElliott Team

 


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