BTC IN C WAVE TARGETING $8600
Hi folks,
BTC is currently broke below 618 FIB from the last small pump from $9470 to $9800 today and appears to be struggling to get back above the 618 FIB retracement.
It is also below 50 and 200EMA on the 30 minute time frame.
200EMA has now crossed over the 50EMA which is a death cross in this TF.
Unless whale games are at hand, if we follow the 5 waves making up the C wave down using FIB retracement, we can see that our fully realized target is $8600
Its not going to just crash down to $8600 IMO. there are major resistances to get there and I think everybody is weary of a flash crash making it harder for the whales to liquidate positions the way they did a few days ago on that insane pump to 10.4K
Anyway, these are my thoughts for now but I will stay flexible and adjust as things happen.
If you enjoyed my analysis, please smash the like button and your comments are always welcome.
Good luck!
BTC is currently broke below 618 FIB from the last small pump from $9470 to $9800 today and appears to be struggling to get back above the 618 FIB retracement.
It is also below 50 and 200EMA on the 30 minute time frame.
200EMA has now crossed over the 50EMA which is a death cross in this TF.
Unless whale games are at hand, if we follow the 5 waves making up the C wave down using FIB retracement, we can see that our fully realized target is $8600
Its not going to just crash down to $8600 IMO. there are major resistances to get there and I think everybody is weary of a flash crash making it harder for the whales to liquidate positions the way they did a few days ago on that insane pump to 10.4K
Anyway, these are my thoughts for now but I will stay flexible and adjust as things happen.
If you enjoyed my analysis, please smash the like button and your comments are always welcome.
Good luck!
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.