ZuluTrade Blog

BTCUSD exceeded our expectations to the downside!

Market View | Monday, November 13, 2017 7:34 AM GMT

Our expectations were verified during the weekend. The pattern’s measured target was completed at 6200$ and BTCUSD continued even lower near 5800. Even if the short-term intraday bounce played well on Friday.

Reviewing the H4 TF, the cryptocurrency jumped to the upside when RSI was oversold. It is currently heading to the broken trendline (T1). Bulls need to be cautious in case of bearish rejection in this area.


Heading to the hourly TF, we have noted a potential Elliot wave structure, which means we may anticipate a lower low for a possible new upside reaction. If BTCUSD records a new low then we would like to have a bullish RSI divergence to verify the wave pattern.


Later today, we may prepare a technical analysis for our long-term to short-term view on the cryptocurrencies. Don’t miss it!

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