BTC retrace from ATH: Key levels to watch for clues
Updated
As you know BTC hit a new ATH and then "crashed"?
Plotted here are key levels based on all relevant fibs.
Dip looks more like profit taking than a bull run ender.
$ 62,800 is the "Decision zone" that could resolve either way.
$ 62,256 is the "Critical Support", break could drop to 52.8k.
$ 52,838 is "Bulls Last Stand" as it will be VERY hard to regain.
Inerestingly, the 69k previous ATH was called exactly by BTC's "Genesis Sequence":
Those "Genesis" fibs are still major landmarks, and included in the current plot, plus local fibs.
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Plotted here are key levels based on all relevant fibs.
Dip looks more like profit taking than a bull run ender.
$ 62,800 is the "Decision zone" that could resolve either way.
$ 62,256 is the "Critical Support", break could drop to 52.8k.
$ 52,838 is "Bulls Last Stand" as it will be VERY hard to regain.
Inerestingly, the 69k previous ATH was called exactly by BTC's "Genesis Sequence":
Those "Genesis" fibs are still major landmarks, and included in the current plot, plus local fibs.
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Note
Proceeding pretty much as expected Bounces where plotted, each fib makes its presence known.
Zoom IN (m5) for a close look at the "Decision Zone"
Prefect confirmations of both fibs that define the grey zone.
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Looking at the current range on 5 min still:
We have a local golden fib that has currently captured the price.
Zoom OUT for a full view of that fib series:
this wave started with an impulse (force applied) at 42,786, and its "ripples" are still emanating and effecting price.
Here is that same fib but with numbers flipped to the left, and including the Genesis fibs
We see an exact confluence at 72,937-979 which will be very important if/when we get there.
So nothing conclusive yet, but bulls look to be in control.
And we have confirmation of all of our fibs as relevant.
We also have a precise next target at 72.9k.
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