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Author Topic: BTC/USD  (Read 414 times)

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BTC/USD
« on: October 30, 2018, 12:06:47 PM »
Last week the price of Bitcoin has been hovering around $6556 levels before the price dropped. From last week’s high at $6624 the price decreased by 4.53% to its lowest point today at $6320.




Looking at the hourly chart you can see that the price is on the exact levels of the projection made on 24 October. WXY waves have been counted and as the price action formed a triangle, which points out consolidation, it has been projected that two more waves would appear, and as the wave Z ends on the triangle’s resistance line, a move to the downside would occur. The target for the end of the down move was the resistance level from the prior minor range from which the October 15th spike was made.

Horizontal support level at $6516 was broken and the price is heading for the resistance line of the descending triangle seen on the 4-hour chart below, which was pointed as a likely scenario in the last week's analysis.


Read more...


 

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