Although the price of Bitcoin is still rising, the rate that it is rising is slowing down quite a bit. That is seen in the MACD and RSI divergence along with the rising wedge. In addition, the volume is starting to die down again. These factors suggest that there is not quite enough buyers, and Bitcoin needs some sort of correction before continuing its bull trend.
On the chart, I've drawn a bullish Elliott Wave count where Bitcoin will retrace only to around $9500. However, beware that it is possible that Bitcoin will retrace much more.
Possible Short Setup
Entry: 9700
Stop: 10070
Target: 9530
Timeframe: 1-2 days
On the chart, I've drawn a bullish Elliott Wave count where Bitcoin will retrace only to around $9500. However, beware that it is possible that Bitcoin will retrace much more.
Possible Short Setup
Entry: 9700
Stop: 10070
Target: 9530
Timeframe: 1-2 days