BITCOIN, All Factors Tell us - CORRECTION SOON!

When we look at the chart, the first thing we see is an ascending channel where is located an ascending wave 1-5. As we know, the continuation of the Wave 1-5 is the correctional wave ABC. Moreover, I want you to pay attention to the fact that all supports and resistance we saw during the last couple of months were ASCENDING, so they made the market growing upward. However, at the moment we can see global descending resistance (mentioned on the chart). Moreover, this resistance is forming a triangle. This triangle tells us about renewed interest in sales. Sell volumes are very strong which also supports my theory. Besides, we can't ignore the fact that RSI reached the oversold zone for the third time and forming bullish divergence.

Undoubtedly, there are a lot of purchases too, however, they look like intra-day trades but not like long-term buys. Then, we should notice these long wicks in zones which are close to the descending resistances and supports. Usually, when the market leaves the second long wick close to a descending resistance, it shows that the resistance moved lower. The reason for this phenomenon (decent of resistance) is that the huge whale moved his SELL order lower in order to not allow the market to make a new HH. Usually, after such movements, Market Maker just buy back these sell orders, but not at this time, as the MM has the same interest in falling lower.

All these bearish factors that were described above make people selling their Bitcoins and dumping the market lower. Below the current level, we have two major supports: $9500 and $8000. More likely, exactly from these levels will be formed the correctional waves ABC.

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