The previous price action for BTC may be the key to knowing which way the price will go in the near term. It is important to know the multiple options that BTC is presenting to us as you should always be prepared for how the market can move so you aren't surprised. Check out this week's video below for the details:
WEEKLY TECHNICAL ANALYSIS VIDEO
Bitcoin has several corrective structures it could be:
1) (BEAR) Running flat. The running flat would be in the B wave, which would be very bearish. This could be invalidated if the price rose above 49K.
2) (BEAR) Ending diagonal: Price would need to protect the 44355 low to make this count valid.
3) (BULL) Leading diagonal: This structure very closely resembles that of the ending diagonal, and it would have good symmetry. This also needs to protect the 44355 low. This would look like a diagonal and if it consolidated sideways, it could have a massive upswing.
4) (BULL) 1-2,1-2: While this count is still valid, it is pretty ugly and the diagonal leads towards a better count for the bulls.
Check out all of the price levels and invalidations in this week's video!
Bitcoin's count this week is a little more appealing, but Ethereum has roughly the same macro counts at BTC. However, internally, ETH looks more corrective. In the short-term, the bulls want to see a sideways consolidation while the bears are looking to have price drop, retest the swig highs, and fail again.
Check out each of the counts and price invalidations in this week's video!