Bitcoin Forecast
Bitcoin forecast for the metal is now to the downside as the benchmark crypto corrects the bullish move up from the 19549.09 Mach low. Once complete, Bitcoin’s outlook should remain to the upside.
$BTCUSD FORCAST DAILY CHART
After putting in a bearish candle yesterday, $BTCUSD opened at 24754.71 this morning, hit a high of $25240.27, a low of $24392.06 and is now trading at $24783.67. Today’s bar is so far inside yesterday’s bar which is bearish. (14) ADX is still ticking strong to the upside despite the correction which started yesterday. ADX is at 24.75 with +Di at 42.39 strongly above –Di down at 18.48. RSI has cooled off at 63.57. Technically Bitcoin’s weekly forecast is still to the upside as the uptrend still should hold.
Bitcoin Forecast Elliott Wave 1-hour bar
Bitcoin Forecast Elliott Wave 1-hour bar
Once price broke the red Minute Degree Lower Channel trend line, it was safe to assume green Minor Degree 1 complete at the 26386.87 March 14 high. Minor 2 should make it down into the Fibonacci zone.
Red Circled Minute Degree-w completed at the 23976.42 low and has since corrected to the 25196.97 high in a Minute Degree Double Zigzag. Price is currently trading in the upper part of the Blue Minute Degree Channel. A drop to the lower part should confirm the move down into said Fibonacci zone for a Red Minute Degree-y of Minor Degree 2 completion.
Bitcoin’s Fear Greed Index is at 50. This implies that we have room to the upside and downside. This indicator is used as a contrarian indicator at extremes. Above 80 is overbought and below 20 is oversold.
