The current correction is the biggest in the entire Bitcoin history (arithmetic graph) and has already reached 71%.
On the other hand, the rate managed to rebound from the blue trend line just above the target level at $ 5,540. The $ 300 was missing so that the price hit the Fibo cluster.
From the Elliott wave theory perspective, the price tests the bottom trend line (gold) and tries to break above it. The $ 5,962 level is now the most important technical support, with the support of $ 7,213 remaining. The next resistance tested is $ 8,160. Beating over this resistance can cause a gunfire towards very important levels at $ 9,222 - $ 9,515. Only breaking above these levels opens the way for further growth.
On the other hand, the rate managed to rebound from the blue trend line just above the target level at $ 5,540. The $ 300 was missing so that the price hit the Fibo cluster.
From the Elliott wave theory perspective, the price tests the bottom trend line (gold) and tries to break above it. The $ 5,962 level is now the most important technical support, with the support of $ 7,213 remaining. The next resistance tested is $ 8,160. Beating over this resistance can cause a gunfire towards very important levels at $ 9,222 - $ 9,515. Only breaking above these levels opens the way for further growth.
Note
Demand weakens a little, but still a room to go up. Keep an eye on the red trend line (short-term)Note
All the recent up move is corrective in nature. The next target is at the level of $9,515 ant this is the key level for bulls. Second wave (X) of a higher degree is in progress now.
Note
Still waiting. All the levels are applicable. Note
Patience is a virtue.Note
BTCUSD is about to hit the targetNote
Target: $9,515. Mentioned this level many times.Note
#Bitcoin #BTCUSDCurrently, the most important resistance zone is the area between $ 10,000 - $ 10,557. In this area, I expect a price reaction in the form of a backwater or even a reversal of the upward trend.
The alternative scenario assumes, of course, a long-term hole at the level of $ 5,830 and the current upward movement will be treated as the beginning of a new impulsive wave of growth. The problem is that at smaller intervals of this impulse you do not see too much, too many TFE rules are annulled.
The order for closed increases, so far observation.
Note
So far - so good. Resistance zone hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.