Good morning,
This is a post on BTC / EUR on coinbase. Same applies to the USD pair so read on ;)
In the same way we could see a bearish RSI divergence at the end of wave 1 ( see the red line at the top of the sub-waves 3 and 5).
We can now see a bullish RSI convergence. This correction has been rather complex and I have labelled it below as a WXYXZ.
A closer look of the correction shows the following.
If the correction is indeed finishing, then a last couple of bearish candles are probable to complete the last c wave.
The previous support and resistance level highlighted in the blue rectangle would act as Support.
One can also appreciate how in the past 3 hours the volume has decreased a lot , are whales taking the Sunday off?
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