Bitcoin/USD Bitstamp

On this graph we use Elliott Correction Wave (ABC) with Ellipse tools and trendline

MacD on bottom.

For the Past few months bitcoin tested 5x $7.8k price and that's not good and now they break it.

If you check the graph there's a big correction on it and we expecting to go below $7200,  $6700 to $6200 check the ellipse tools.

For me the main reasons are: Price made a fake breakout of resistance level,T'A said they will go up to $9k but it was a fake bull run it only hit the $8.6k.

Key level coincide with sell zone already break which is 8k.

We put 3 strong resistance 

But we will see what happen next.

The downtrend is characterized similarly to an uptrend — but in the opposite direction.

Friendly reminder always do your own research

Remember: TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty) 
Disclaimer: This is for educational purposes,it is not intended as a financial advice. 
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk. 


#Trend Analysis 

#Chart Patterns 

#Wave Analysis 

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