Today’s $BTC candle was not high enough to cancel the Bearish Engulfing that happened yesterday. Bears are still in the driver’s seat. Let’s explore the hypothesis.
Today BTC made a good attempt to recover damage by Bearish Engulfing yesterday. The green candle formed a Piercing Line and even closed above 8 EMA line. However, the other indicators seem to be not big fans of bullish continuation.
Anyway, the battle is ongoing and I am expecting BTC to decide on the direction in the next few days.
There are so many possible outcomes for the weekly and monthly candles that I am going to wait until Aug 28 and 31 respectively to interpret the final ones.
ELLIOTT WAVES AND FORECAST
This section contains the EW perspective, the discussion on the possible targets and the critical levels.
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