RLinda ! BTCUSD-> Can the correction end at the 0.5 Fibo level?
Updated
Bitcoin reaches a local December high of 17418 (up nearly 12.5% from a two-year low). After no pullback and price consolidation near the 17065 level, bitcoin continued to strengthen, but not for long, and only to the channel resistance zone
From the high of 17418, after the end of the third trend wave, the second corrective wave of the ABC format is formed. The price goes below the Fibonacci level of 0.618 and almost reaches the 0.5 level, which is at the $16711 price point. I think that in conjunction with the elliot waves, the corrective wave, the channel support zone and the key 0.5 Fibonacci level we can hope for the possibility of a price pullback in the direction of 16877, 17065
In the medium term, the price may reach the resistance zone of the channel above 17400 in the fifth trend wave and if the price fixes above 17400-17500, bitcoin will enter the volume void zone (volume profile). Bitcoin could quite easily reach the 18150 zone in such a case.
In case of breakdown of 0.5 Fibonacci level, focus on price channel support, but if the price under the pressure of the global trend falls below 16500, then the potential to fall towards 16092 will open.
Regards R. Linda!
From the high of 17418, after the end of the third trend wave, the second corrective wave of the ABC format is formed. The price goes below the Fibonacci level of 0.618 and almost reaches the 0.5 level, which is at the $16711 price point. I think that in conjunction with the elliot waves, the corrective wave, the channel support zone and the key 0.5 Fibonacci level we can hope for the possibility of a price pullback in the direction of 16877, 17065
In the medium term, the price may reach the resistance zone of the channel above 17400 in the fifth trend wave and if the price fixes above 17400-17500, bitcoin will enter the volume void zone (volume profile). Bitcoin could quite easily reach the 18150 zone in such a case.
In case of breakdown of 0.5 Fibonacci level, focus on price channel support, but if the price under the pressure of the global trend falls below 16500, then the potential to fall towards 16092 will open.
Regards R. Linda!
Note
The level of $16877 is reached. I expect a pullback, retest and possible rise to $17065Note
Is this scenario possible?
1) RSI divergence on the weekly chart
2) Formation of a bearish wedge pattern
One nuance - the global liquidity zone starts from about 12000, if we take this nuance into account, we can assume that the price can go down to 12000 in the mid-term
Trade active
Trade active
BTCUSD 17296 in moment!
🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
Related publications
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.