Bitcoin analysis July 1 - What about the last beat to create a Wolfe wave?
Although the Forex market in the last day of the month / the end of yesterday was relatively volatile, the crypto market was "paralyzed". #Bitcoin #BTCUSDT fluctuates in a narrow range around 9000 - 9200. However, new developments show the possibility of a change soon.
BITCOIN ANALYSIS CHART 4 HOURS
If we look at the recent candles, we can see that the candles with a nice structure are bullish, ie bullish ones. I have rated 3 such candles on the chart. The first day is a strong bullish candle, with a large margin and closing close to the top. The second and third candles are very long lower shadows, showing strong buying pressure, and close near the top. These are also the 03 candles with the largest volume recently, outperforming the volume of the surrounding candles. With such momentum from the Cow team, we may not have witnessed the #BTCUSDT waking soon.
Regarding the chart structure, we can expect the ability to create a bearish pattern, which is the bearish Wolfe - Bearish Wolfe Wave - numbered 12345 on the chart. If touching point 5 will be the potential for a reversal to decrease. Viewed from candles and from the trend structure, this bearish Wolfe wave scenario looks bright.