The supports/resistances for BTC in this mid-term downtrend

٢٣ يوليو ٢٠١٩

BTCUSD

As mentioned in the latest analysis, the MA50 support fails to hold the price that makes BTC returns the 4-digits area. The dumping in this morning starts a mid-term downtrend for the market, which can pull the price down to $7150 (Fib. 61.8%).

Applied Elliott Waves count on macro view, we are in the 3rd wave of Wave C retracement, which the possible next move as shown in the chart. Major supports/resistances from Fibonacci retracement are shown in the chart, too.

This time correction of BTC recalls the 2017-2018 fractal, where BTC entered a strong downtrend and lost 80% of its value from the all-time high.