Arguments for Bulls and Bears
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
BTC fell from its heights around 47k and could be forming a large wave 2 correction. However, it has weak bullish momentum bouncing off 86.4% fib.
If you check out my previous idea on the ABCDE wave pattern displayed, bulls would need to break 41.5 and 42k to invalidate the wave pattern and hint at further upside.
Bears aiming to break into 37-38k territory, before possible major correction upwards of 43-44k.
MACD Bearish Divergence on the 1D, approaching on the 4hr. 1W is still bullish .
We are currently holding key level, awaiting a break to the downside of 39.4k.
