March 8 2023 10:55 a.m. Lima
Featured chart by StockCharts.com
Technical Analysis by Raul Fernando Luna Toro
This morning BTC/USDT opened at $22198.56 put in an intraday high at $22287.00 and intraday low at $21840.13 and is now trading at $22174.
Momentum has finally broken to the downside! Price has dropped well below the orange 34 period EMA wave on the daily ticking at $22174 and change. Both the red 8 period EMA and the orange 34 wave are putting in negative figures. Bearish!
Today’s candle has put in another negative directional day pushing –Di red on the histogram. ADX is at 21.606 which is a downtrend!
Chaikin Money Flow is also bearish at -0.456! The 14 period ATR is subdued on the daily, however intraday volatility has picked up. Price is now just 2.80% above the blue 144/196 EMA tunnel.
Elliott Wave analysis. Intermediate Degree (B) is well on its way. So far the blue Intermediate degree wave (B) is small in comparison to blue Intermediate degree wave (A). We can expect a larger move. Notice that the Fibonacci 38.2% BvsA TIME is due on Mach 20th and the 61.8% TIME is due on April 9th. Once price drops down into the Fibonacci AvsB retracement zone and is in the Fibonacci time zone we can expect a bounce. Fibonacci retracement support is at the 38.2% $20943.40, 50.0% $19767.88 and the 61.8% $18658.34! Great buying opportunities!
