BTC has been reject through resistance line of the absolute corrective pattern and it is also attempting to look for the support. There is no doubt that Bitcoin is now increasing inside with the channel of ascending parallel since June 18. These kinds of the channels generally consist of some of the corrective movements, which means that a breakdown from it will be possible. The overlapping of inside such pattern supports this possibility.
BTC even two of the unsuccessful attempts of breakout on 15th August and on 30th July. Such attempts were even combine with the bearish divergence in RSI of six-hour. On the other hand, the Bitcoin has also been falling from last few attempt and it is now approaching with the ascending or increasing of the support line that has been well in place from 13th July. With the potential breakdown from such kind of the support line can take BTC down at extended support line of channel that is close to $21,000 or even lower to BTC/USDT.
Analysis of the Bitcoin wave count
The initial potential wave has count suggests about Bitcoin is in the wave for almost three of the five-wave and the upward move. The count of the sub-wave now shown in the color yellow and it simply indicates that price falls in third wave. If true, so this will also help to develop the wave formation of 1-2/1-2. This can even assist to simply accelerate the upward push in future.
The short and the alternative count suggests about complete upward move from June 18 is basically the part of the leading diagonal. Here, shape of ascending wedge. In such scenario, a breakdown from wedge with subsequent decrease that is towards support levels at $20,500 and $21,400 will be actually expected before continuation of upward movement.
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