I see two possible scenarios ahead, both depicted employing Elliott Impulse Waves and Fibonacci retracement/extension analysis.
In the more optimist one (blue), BTC finds itself in the middle of Wave 3 with space to grow until around 5100, followed by strong correction around 3600 and with potential Wave 5 ending up to 5600.
In the second scenario (red) Wave 3 has already reached its peak and the price will walk down to correct around 3200 before heading up to 5600-5700.
MACD tends at the moment to the second scenario, but we shall wait and see what comes in the next days with segwit adoption. Maybe the market will get over optimistic and we will end up seeing something like the MACD behaviour by the end of Wave 1.
Ahoy!
In the more optimist one (blue), BTC finds itself in the middle of Wave 3 with space to grow until around 5100, followed by strong correction around 3600 and with potential Wave 5 ending up to 5600.
In the second scenario (red) Wave 3 has already reached its peak and the price will walk down to correct around 3200 before heading up to 5600-5700.
MACD tends at the moment to the second scenario, but we shall wait and see what comes in the next days with segwit adoption. Maybe the market will get over optimistic and we will end up seeing something like the MACD behaviour by the end of Wave 1.
Ahoy!