Summary:
Bitcoin price actions has changed much since my last post about 2 days back. Price has been trading around the trendline for more than a week now, the recent swing high is trading at 8350ish minor support level for the past few hours.
Price is coming closer to the edge of the wedge and i still think the bear flag target and long term trend line support would be tested in the next push down. Elliot wave count also shows a lower low possible which could be around the bear flag target of 6500ish level.
It would be nice to see the candle close with Bull wick when the lower trendline is hit to confirm that bulls are getting into play at these levels.Lets hope this consolidation ends and we get to see a major trend move on bitcoin soon.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
