After first wave (OF 5th WAVE OR NEW IMPULSE WAVE) we should probably retrace to 0.5-0.618 FIB level, and looking for a support, it should be at the boundaries of 8.5 level.
Then, if the support holds (should hold), BTC will follow the third wave, with 1/1-1/1.6 extension to 9.2-9.5 resistance level.
Now, MACD is crossing and RSI is gettin lower peaks, that's what I consider the end of an impulse wave (wave 1) and big relative retracement to 0.618 fib level.
Next hours the market is going to tell us if i am right or not.
Then, if the support holds (should hold), BTC will follow the third wave, with 1/1-1/1.6 extension to 9.2-9.5 resistance level.
Now, MACD is crossing and RSI is gettin lower peaks, that's what I consider the end of an impulse wave (wave 1) and big relative retracement to 0.618 fib level.
Next hours the market is going to tell us if i am right or not.
Note
Following the bear idea that we still are in a big ABC correction, this could have been the end of wave B and the start of wave C with a target at 8.0K ending the impulse elliott wave from 7.2KWe should pay attention when BTC reaches 8.6-8.4 area to look for that support that confirms the uptrend.
Note
OK, big red candle, supporting for now in 0.382 FIB level, probably bouncing back to 0.2 fib level and again down to where I told to start next impulse wave, at 0.5-0.618 (I see 0.618 better option - 8.55K)Note
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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.