bitcoin

Bitcoin has gone from $9,000 to $11,400 in just a few week’s time. This prolific rally is reminiscent of 2017. Also reminiscent of the Bitcoin rally was the correction that followed as we saw yesterday. We see the complete formation of a the impulse portion of a 5-3 Elliott Wave . It is likely we are in the correction phase right now, indicating that we could see BTC test $10,492, or $10,208, which are both Fibonacci levels. The level $10,492 is a very significant level established as a relative high for months, so the fact that it broke this is a very bullish sign. Watch for support at this level, if it breaches it again, that support will become resistance. The Kovach OBV is still very strong, but the Kovach Chande has dipped. This divergence indicates a buying opportunity.

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