RLinda ! BTCUSD-> Testing the Fibo level of 0.618. Pullback?
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
The bitcoin drop came at a time of slightly worse-than-expected data from the Federal Reserve . At the time, general policy, rumors, and global fundamentals hinted at a more accommodative Fed.
Bitcoin , after testing price channel resistance and completing the formation of the fifth Elliott trend wave, moves into an ABC correction phase, in the format of this move the price exits the channel down.
The price stops at the Fibo level of 0.618, which may be a signal for a pullback and the beginning of the formation of a new wave (the screen below will indicate the structure of the expected movement). If the bulls hold the level of 16584, the price may go up to the peak of correction B
The situation is extremely stalemated and it is difficult to talk about a possible growth or trend change on a strong global decline and strong bearish signals, but we can see the structures of technical analysis that we can rely on. I am waiting for a pullback from the 0.618 Fibo level, which statistically is a strong zone for price reaction. The objective of such a muve may be a retest of the previously broken through channel boundary.
Elliott structure taken from SweeGlu
Regards R. Linda!Via TradingView Ideas https://ift.tt/YWCrOpQ
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