BTC Wave 2 in progress?
Updated
The 21.5K pivot zone has been taken out. We are now looking for Wave 2 target zones!
Most common Wave 2 retracement targets are between the .50-.618. Roughly 19k-20K. Could see lots of buying power in this zone for a short term rally.
Wave 2's can retrace up to 90%.
Harmonics and Elliot Waves combined I'm seeing a lot of confluence at the .886% retracement zone around 16k-17K.
We will being trading this pattern into a potential reversal zone around 16K-17K.
Most common Wave 2 retracement targets are between the .50-.618. Roughly 19k-20K. Could see lots of buying power in this zone for a short term rally.
Wave 2's can retrace up to 90%.
Harmonics and Elliot Waves combined I'm seeing a lot of confluence at the .886% retracement zone around 16k-17K.
We will being trading this pattern into a potential reversal zone around 16K-17K.
Trade closed: target reached
Target zone reached for Wave (ii). Lots of buying power in the Golden Zone.Banks have been bailed out by the FED over the last week. This is why Bitcoin was designed! " Chancellor we have had a SECOND bailout of banks"
No longer looking for lower targets during this time.
Reason: Downtrend looks to be broken. Liquidity will be injected into the economy for all the bailouts. (Which is good for Bitcoin, but bad for the Economy) Much higher prices are likely.
We are looking for a Wave (iii)
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