BTC.USD hit near term targets EXACTLY. now Bitcoin Retrace watch
Updated
Follow up to my Predicted 5 wave structure in last post (click).
After hitting targets for Wave 5, we are now in an ABC correction.
Plotted are two possible pathways for the retrace already under way.
Thus far the retrace looks to be of average "energy" of consolidation.
Plotted are the 3 "Impulses" which caused the 4 wave rally.
Next we had an corrective Impulse in Red pushing downward.
In ABC corrections, wave C may or may not have a new Impulse.
I think we are in wave C now, but still a bounce for higher B is possible.
$ 8100-8124 would be the ideal zone from which to see a strong bounce.
$ 8018-8041 is crucial support that is best not even tested, let alone breach.
.
Part of my ongoing BTC analysis, since the 2018 BOTTOM in last link below (click):
8.5k topping Call (just hit Perfectly)
10.2k Resistance plot (tight zones plotted)
9k bounce call (perfect bounce)
13k warning (early but valid)
12k Impulse
12k target call <=Perfect TP
14k > 10k retrace
14k target call <=Perfect TP
10k target call
7.5k bounce call <=Perfect Entry
10k path laid out
3.1k bottom call (the EXACT bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
After hitting targets for Wave 5, we are now in an ABC correction.
Plotted are two possible pathways for the retrace already under way.
Thus far the retrace looks to be of average "energy" of consolidation.
Plotted are the 3 "Impulses" which caused the 4 wave rally.
Next we had an corrective Impulse in Red pushing downward.
In ABC corrections, wave C may or may not have a new Impulse.
I think we are in wave C now, but still a bounce for higher B is possible.
$ 8100-8124 would be the ideal zone from which to see a strong bounce.
$ 8018-8041 is crucial support that is best not even tested, let alone breach.
.
Part of my ongoing BTC analysis, since the 2018 BOTTOM in last link below (click):
8.5k topping Call (just hit Perfectly)
10.2k Resistance plot (tight zones plotted)
9k bounce call (perfect bounce)
13k warning (early but valid)
12k Impulse
12k target call <=Perfect TP
14k > 10k retrace
14k target call <=Perfect TP
10k target call
7.5k bounce call <=Perfect Entry
10k path laid out
3.1k bottom call (the EXACT bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend.
But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Note
Ping Note
Ping again. Only on the bottom boundary of first support zone .
Note
I guess we can rule out the 'alternative' ABC with a higher B. I have removed that path, and the remaining path still seems quite valid and quite possible .
Note
turning into a decent BOUNCE thus far .
Note
Nice, support still holding and the bounce still growing Zooming in
Note
wow, so that first support held, and has bounced it back to the original resistance Note
Bulls need to hold 8340-8350 .
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.