ok guys so for now things are really uncertain for Bitcoin, although oscillators are screaming for more bullish movements but some reversal indicators and by elliot wave theory we're likely really close to the top. from the above chart you'll see that bitcoin tried 3 times to break 161.8% level which is around 8170 and succeed in 4th attempt and hit the 200% level. now an extended wave 5 could go upto 161.8% or 200% of wave 3 which in this case we've already hitted, now there should be start of new abc correction wave, but for a confirmation i've also looked at william's vix fix and murrey's math oscillator, this both indicators alone are not very effective but together both of this indicators work very well.
now in murrey's math oscillator you'll see that we're making long dark green candles which are usually sign of creating tops, but that doesn't mean we're going in a correction usually this means that bulls are getting more strength, and you can see that, coz we had a long period of dark green candles, whereas william's vix fix is also indicating for a top by making small grey candles, the more smaller candle gets, the more likely we're forming a top.
although am still concerned for this situation and this will be too early to say this or going short from here, so we need more price confirmation from here, we need to break 8100 level and stay below that level to go completely bearish or to short bitcoin.
plz like and follow to support our work, thankyou.
now in murrey's math oscillator you'll see that we're making long dark green candles which are usually sign of creating tops, but that doesn't mean we're going in a correction usually this means that bulls are getting more strength, and you can see that, coz we had a long period of dark green candles, whereas william's vix fix is also indicating for a top by making small grey candles, the more smaller candle gets, the more likely we're forming a top.
although am still concerned for this situation and this will be too early to say this or going short from here, so we need more price confirmation from here, we need to break 8100 level and stay below that level to go completely bearish or to short bitcoin.
plz like and follow to support our work, thankyou.