Bitcoin – Nov. 18, 2020

Above is the 9 day chart of the NYSE Bitcoin Index (NYXBT). This is a copy of the chart I’ve been following showing bitcoin up from 2012.

The indicator below is at RSI 14 showing quite a bit of divergence.

We appear to be very near a potential double top in a corrective wave up (a zigzag), which should fully retrace eventually back to the start. The rectangle denotes the topping area that I’m concentrating on for the chart below.

Above is the 4 hour chart of NYXBT. This last wave up also looks like a zigzag (smaller scale), but could also be a 5 wave, ending wave. In either case, I’m looking at the structure of what is probably the final wave up.

It looks like we can expect a smallish 4th wave down to somewhere close to the 38% retrace level (white horizontal line at 14639), followed by a final wave up to a double top or a relatively small new high.