BTC retrace to 40k!
Updated
Sice 41.2k low "A" we retraced to the 0.382 - 0.5 level, making a corrective wave B (a common retrace for wave B) and an sfp of the 07 dec high smaller "a" with some trapped traders at the top, that made an abc for bigger wave B, if this count is correct we should have 5 down for C that would finish the corrective wave 2, a possible retrace would be the 0.382 to 0.5 of A for wave C (short but possible) taping the last untouched daily at 40711.0.
And we are at the 2 of the fib time from wave A, that could indicate that B is finished.
All this fits my bullish bias that this is only a corrective wave 2 and we should see a new all time high after that.
B can go higher and this count could still be valid but if we go lower than 39500 this count is invalidated.
And we are at the 2 of the fib time from wave A, that could indicate that B is finished.
All this fits my bullish bias that this is only a corrective wave 2 and we should see a new all time high after that.
B can go higher and this count could still be valid but if we go lower than 39500 this count is invalidated.
Note
that eq of the wick under the daily is also the 0.618 retrace of the whole move up from 29k low.
Note
Note
Trade closed: target reached
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