BTC still in major correction finishing the last wave 5

Updated

i think BTC/USD still in major correction for finishing wave 5 , there is 3 level to watch for the end wave 5

1. 5800-5700 area (shallow wave 5)
2. 4800-4600 area (normal wave 5)
3. 3100-2800 area (extended wave 5)

this is the area i think btc will be making any reversal

*Disclaimer : this is not a trade call ,only my personal opinion, do your own research before opening any position and on your own risk

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zooming in

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tradingview.com/chart/1cIW8jTk/

Breaking down the triangle , 5.8k is in play now

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we're in bigger bear pennant formation i think now , still cannot close above 6.8k key level and still below 2017 trendline , still seeing 5.8k as next move

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BTC/USD already broken 6k support we need to close below it to continue meltdown

now resistance is ini 6300ish area

we can see a retest to 6300 area before continue melting down

tradingview.com/x/WpwEyYjA/https://www.tradingview.com/x/WpwEyYjA/

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as expected BTC retest the resistance and now we have two scenario , 1 more retest of the resistance or melting down to 5800

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melting down to 5800 , we can expect retest 6k resistance before continue moving downward , volume is low , it will be hard to break any resistance for now

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OxyHS

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