BTCUSD: Feb 2 Update & Feb 3rd Targets
I am an amateur technical analyst. This is not financial advice. You should always do your own research. Consider this post as entertainment. I'm simply sharing what I see in the charts and always welcome collaboration and feedback.
Updating my previous post of Feb 2nd. We landed in the upper third of the target zone, with a low of 36,618.36 of the Feb 2nd daily candle. I'm looking for BTC to continue its downward trend, reaching as low as 36,011 on the Feb 3rd daily candle, if it's to continue to validate the May '21 fractal.
There is an Elliot Wave pattern developing that shows the **potential** for BTCUSD to go as low as 33,964. If this were to happen, I feel it invalidates the May '21 fractal. The same thing happened on the Feb 2nd candle and the pattern improved as the day progressed. I'm watching to see if something similar happens on today's candle. If we were to hit 33,964 on the Feb 3rd candle, that would likely give us a double bottom, and potentially initiate a longer term reversal pattern.
Updating my previous post of Feb 2nd. We landed in the upper third of the target zone, with a low of 36,618.36 of the Feb 2nd daily candle. I'm looking for BTC to continue its downward trend, reaching as low as 36,011 on the Feb 3rd daily candle, if it's to continue to validate the May '21 fractal.
There is an Elliot Wave pattern developing that shows the **potential** for BTCUSD to go as low as 33,964. If this were to happen, I feel it invalidates the May '21 fractal. The same thing happened on the Feb 2nd candle and the pattern improved as the day progressed. I'm watching to see if something similar happens on today's candle. If we were to hit 33,964 on the Feb 3rd candle, that would likely give us a double bottom, and potentially initiate a longer term reversal pattern.
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