Bitcoin is to USD Dollar is positive this mornning trading at $30524.01. Daily momentum indicators are cooling off but still bullish. ADX is at 35.05 and +Di is at 31.83 while -Di is down at 12.35. The MACD line is now converging with the signal line but also stil very bullish. These are normal contraction figures at play during a bullish trend. Plus SMA market momentum is still very strong with price 11.36% above the 50 SMA and 24.15% above the 200 SMA.
BITCOIN TO US DLLAR STOCKCHARTS.COM
ELLIOTT WAVE SHORT TERM UPDATE
The decline from the high of $30,994.97 briefly dropped below the low of $29,930.00 before rebounding back into the previous contraction zone of a higher degree. This rally transformed the Micro Degree contraction from a complete zigzag pattern to an incomplete expanded flat pattern for Subminuette-b. It is worth noting that the rally surpassed the black channel trend line but fell short of reaching the high of $30,994.97 in five waves. If the pair drops below the low of $39,858.80 again, Subminuette-b will be limited by the nearby high of $30,843.98, forming a micro running flat formation.
The Subminuette Channel from the previous analysis has not been updated. It will be readjusted once the current downward movement retraces beyond the 61.8% Fibonacci level of the previous rally, which reached the high of $30,843.98. The readjustment will take place based on the recent high reached in the market.
BTC/USDT BINANCE 5-MINUTE BAR
BTC/USDT 5-MINUTE FORECAST
Analyzing the 5-minute chart, we can observe a five-wave pattern from the low of $29,858.80 to the high of $30,843.98. The confirmation of this pattern is reinforced by the recent decline, which broke through the lower trend line of the Submicro Degree channel. To further solidify this analysis, we are now awaiting a price drop below the 61.8% Fibonacci level, as mentioned earlier. Once this occurs, we will have the opportunity to limit the upward movement of Subminuette-b near the previous high.
BTC/USDT BINANCE 5-MINUTE BAR
