Bitcoin completed three wave correction, eye EMA resistance for confirmation

Published by Cyber Flows on

Bitcoin’s correction from 41964 extended to as low as 28989 but quickly rebounded back above 30k handle. It’s now even trading above 33k. The development argues that such correction might have completed with a three wave structure, with bullish convergence condition in hourly MACD.

Focus is now on 4 hour 55 EMA (now at 34334). Sustained break there will affirm this bullish view and bring stronger rise back to 40000/41964 resistance zone. However, break of 31741 minor support will extend the correction with another fall through 28989.0 before completion.

Source: actionforex.com

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