Bitcoin; possible chance to find support @35,422;low probability
BTCUSD is at the 3rd/4th touch on up trendline support and almost sitting at the 4.618 fib from Bitcoins 10-Nov-2021 high fib extension. If Bitcoin finds support at 4.618 fib, a reversal should push up to fib 2/1.618 should be the next target between $52,997 and $55,538. These are real targets for the optimist.
But Bitcoin has broke most recent high fib 8 extension and is heading toward Fib 13 at $30,747. So we have reason to expect a bounce or maybe sideways movement for the weekend. Otherwise $30,747 is the next support/reversal area, if we fall thru there - then Fib 5.618 at $28717 next.
Honestly, looking at the Elliott wave pattern a zigzag and the bigger picture down seems to be forming. from the 69k high to the 33k low on 22-Jan-2022; 5 waves can be counted(Wave A). The corrective wave from 33k low to March 29
48K high - 3 waves can be counted(Wave B) This is also the .618 retracement from the Jan high to Mar low. This is the perfect setup for a zigzag (5-3-5) correction. If we continue down - the worst case scenario is about 12k. That's when Wave A = Wave C. 
12K is also Fib 8. Fib 8 is usually the end of a correction.
But Bitcoin has broke most recent high fib 8 extension and is heading toward Fib 13 at $30,747. So we have reason to expect a bounce or maybe sideways movement for the weekend. Otherwise $30,747 is the next support/reversal area, if we fall thru there - then Fib 5.618 at $28717 next.
Honestly, looking at the Elliott wave pattern a zigzag and the bigger picture down seems to be forming. from the 69k high to the 33k low on 22-Jan-2022; 5 waves can be counted(Wave A). The corrective wave from 33k low to March 29
48K high - 3 waves can be counted(Wave B) This is also the .618 retracement from the Jan high to Mar low. This is the perfect setup for a zigzag (5-3-5) correction. If we continue down - the worst case scenario is about 12k. That's when Wave A = Wave C. 12K is also Fib 8. Fib 8 is usually the end of a correction.Note
Let' see if we find support by end of day at $28717 today, Right now it sliced through heading toward $22012, but we know BTC likes to make long wicks. If any Bullish movement, $37,452 would be resistance to head lower and complete the correction to $12,746... in the coming weeks/monthsNote
price is moving as expected. From here, Id expect to see a push up before the trend continues down. Possibly toward 30k as the rest of the market pushes the bear market rally higher for a disappointing end of the bull market.
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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.