• Bitcoin seems to have it a brick wall and trades 2% lower on Monday.
  • There is a new lower high that stopped on the 61.8% Fibonacci retracement.

BTC/USD 4-hour chart

Bitcoin has made a lower high on the 4-hour chart after rejecting the 55 EMA on the daily timeframe. Zooming in on the 4-hour now the lower high that was created and it stopped exactly on the 61.8% Fibonacci retracement. Now tracking the projections lower, the extension of 161.8% confluences with the 61.8% of the larger wave in blue. This makes the zone very strong and the probability of the target being tested is now higher. 

On the 4-hour chart below the price has moved below the 55 period EMA but not the 200 SMA. The RSI is still in a depressed area under the 50 mid-line. Although this is the case, there is still space for a further move lower. It seems the bias has changed for now lets lookout for the test of the box marked in purple. 

Bitcoin bearish Elliott Wave count

Additional levels

BTC/USD

Overview
Today last price 6768.51
Today Daily Change -138.39
Today Daily Change % -2.00
Today daily open 6906.9
 
Trends
Daily SMA20 6764.42
Daily SMA50 7211.55
Daily SMA100 8143.13
Daily SMA200 8053.73
 
Levels
Previous Daily High 7199.84
Previous Daily Low 6792.41
Previous Weekly High 7468.81
Previous Weekly Low 6681.12
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 7044.2
Daily Fibonacci 61.8% 6948.05
Daily Pivot Point S1 6732.93
Daily Pivot Point S2 6558.96
Daily Pivot Point S3 6325.5
Daily Pivot Point R1 7140.35
Daily Pivot Point R2 7373.81
Daily Pivot Point R3 7547.78

 

 


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