ZuluTrade Blog

Bitcoin (BTCUSD): Intraday Analysis

Market View | Thursday, August 24, 2017 10:51 AM GMT

Bitcoin is moving sideways after reaching 4475 level. It formed a minor bearish RSI divergence, which was enough for few days’ correction. Reviewing H4 time frame, we guess that the cryptocurrency completed a 5 wave Elliott sequence and it is currently forming an ABC corrective move. However, there are two scenarios. Either ABC pattern is already completed and BTCUSD is ready for a new high or it’s not which means that the correction will continue heading to 3460 level. Then we may see a new high again.

Heading to the hourly time frame, BTCUSD has formed a Swing Low (SL) (using RSI 5 to define this) and needs to hold for maintaining the current positive bias. If it closes below SL, then it will negate the bullish intraday outlook. A level of interest (bull’s target) for sellers is 4400 where we may have a short-term selling pressure.




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