Bitcoin, correction and gap or continuation of downtrend
While last uptrend in the last days broke downtrend triangle, we are all expecting the new movement direction.
IMO two main possibilities (checking daily chart) are:
A) Uptrend to 740-750 area if 540 support holds. RSI and CMF trust in it. If so, we would be in a correction of the last uptrend and a gap would be present in the next days (maybe 1-2). On H4, MA200 would be a gap of this correction to 50% of the last uptrend. Check next chart:
B) Downtrend to 450 area. EMA21 and EMA10 cross is about to be a reality on daily and also MA200 indicates a continuation of the downtrend from december. If so, wave 5 would bring us to 250 area without problem.
A third possibility in a mini bounce to 600-650 area which would mark a continuation of the downtrend.
I bet for A but B is much possible (and I hope so because I will be 2 weeks and a half on holidays without internet connections).
Let's see what is going to happen in the next days.
IMO two main possibilities (checking daily chart) are:
A) Uptrend to 740-750 area if 540 support holds. RSI and CMF trust in it. If so, we would be in a correction of the last uptrend and a gap would be present in the next days (maybe 1-2). On H4, MA200 would be a gap of this correction to 50% of the last uptrend. Check next chart:
B) Downtrend to 450 area. EMA21 and EMA10 cross is about to be a reality on daily and also MA200 indicates a continuation of the downtrend from december. If so, wave 5 would bring us to 250 area without problem.
A third possibility in a mini bounce to 600-650 area which would mark a continuation of the downtrend.
I bet for A but B is much possible (and I hope so because I will be 2 weeks and a half on holidays without internet connections).
Let's see what is going to happen in the next days.
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