BTC/USD

Today we are going to take a look with you the pair Bitcoin against the Dollar, in the case of Binance USDT.

As you can see from the chart the price holds below all three moving averages and the current principal level is the local low at $6500 level.

If we take a look at MACD we will see that the indicator shows a divergence for a long period of time, to be precise, from September 25. The same thing we can say about RSI, plus it is about to get the oversold area again.

On the 4 hour scale, RSI has jumped out from the oversold area and MACD still shows the divergence. The situation can be turned to bullish fast in this case, so it is very interesting how high the current bounce is going to get.

Let’s try to adjust the current chart to Elliott waves to find some additional points of our interest.

After we’ve got the local high at $14000 the downtrend started as zig-zag, which means that we see the correction on the previous impulse. What does it mean for us? It means that we have a high probability to see a new high without breaking the low at $3150.

Of course, for most people, a reasonable question is where the correction ends...One of the possible ways, you can find on the chart below. It is the scenario where we are in the complex ‘WXY’ correction.

If we take a closer look and zoom in to a 4-hour timeframe, we will find the leading diagonal (marked as five waves) but we have broken the low of this impulse. It could mean that we are in an extended flat pattern. If that scenario is correct, we are about to see some growth. And this corresponds to expect of Trading Legend Peter Brandt​​​​​​​.

The weekly scale of the market cap looks bearish. But, you can see how the curve of the negative trend has been changed by an instant raise in 5 $billions. Maybe that is the moment where the sentiments are going to change into bullish.

On a daily scale, the situation looks much better because here we already have broken the negative trend and this can be interpreted as a return of some demand if we are talking about the SPOT market.

In general, the situation is quite interesting. Lots of traders would like to see the panic sale, but perhaps Bitcoin this time will not present us with such a pattern as a gift.