Techs by Raul Fernando Luan Toro
Bitmarketperu.com
BITCOIN PRICE ACTION
$BTCUSD Daily Chart: Bitcoin price moved up last night and broke above the March high. $BTCUSD opened at 25051.31 hit a low of 24945.47 ran up to an intraday high at 27002.09 before settling at 26722.26 where its trading now. This shot RSI up to the 70.17 which is just overbought. However, I would like to see a divergent move soon. ADX is trending strongly to the upside with +Di at 44.61 while –Di took a dive down to the 14.41! Very strong trend indeed for Bitcoin price forecast
$BTCUSD DAILY BAR
However according to the Elliott Wave Structure, Bitcoin’s price is still in minute correction territory. The move up made it past the Fibonacci $27107.92 127.2% Minute BvsA. And it has done so in what counts as a double zigzag. This is classic expanding flat B wave formation. Now, what we need is a drop back down under the $26386.87 100% BvsA.
If price moves back up, it has till the Fibonacci $27405.09 138.2% BvsA b for the expanding flat structure to hold. A move above this level and price most likely completed Minor 2 back down at the $23896.95 March low. Bitcoin’s price would then be in a 3rd wave advance on its way to the psychological $30000.00 mark!
BTC/USDT BINANCE DAILY BAR
Crypto Fear Greed Index is neutral at 51. This implies Bitcoin price action can go either way. And the metal is at a pivotal moment.
CYPTO FEAR GREED INDEX
CRYPTO FEAR GREED INDEX
To conclude, Bitcoins price is at a technical crossroad. The Fibonacci Expanding Flat Zone is that road. A drop below it warns of the retracement from the March 14 high still in play. And a move above it, signals a bullish run for Bitcoin’s price to a possible test of the $30000.00 psychological mark.
