​​#Analysis
#BTC

BTCUSD Overview

At the 12-hours time frame we can see that a price met global descending channel on 13th of November where crisis has started. Three impulsive corrective Elliott waves brought the price to the lower edge of the channel, where a bounce happened.

We can see that there is not enough volume and confidence to make full amplitude of channel price movement. This build two sub-trends: a parallel channel and a triangle

Triangle is about to end and the situation is positive according to indicators. We observe Hidden Bullish Divergence while MACD and RSI are in neutral to buy state. DMI suggest low volatility thus we can expect a gradual rise in the end of the triangle up to the parallel channel upper edge around $3 691.

In case of further in-confidence and uncertainty about SEC we may see a decrease from the mentioned point up to Fib 1 support level around $2 913 where lower edge of the channel is situated.


Overall it is very hard for Bitcoin price to move to the upper half of global descending channel until local resistance of $3 691 holds. BTC tests the lower boundary of the consolidation area and if there wouldn't be a bounce we will see a further decrease to $2 913 level

You can track this idea on TradingView

Best regards,
SkyRock Signals team