BTC bulls vs bears; 8400 as major support

Updated

Seems like we have finished our Wave 1 with clear 5 waves up. However, many Ellioticians would argue on different counts but if you measure each wave using fib extension, the waves make sense.

Right now, we need to see an upward retracement to confirm if BTC is currently on an ABC correction with 8400 as the lowest target. Although that's too shallow of a Wave 2 retracement, but if we move lower, then expect a bounce somewhere near the 0.5 fib retracement (8200).

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Channel acts as good support too

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Channel definitely was good support. Expect a bounce here. Then a bear flag and another move down. Maybe to the 0.5 retracement

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8245 which is the 0.5 retracement could be the major decision point for buyers here

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Forming a channel here. Need to break on either side to confirm a change in trend.

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we're about to bounce. maybe? just maybe.

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bullish divergence, eh?

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waiting for one more leg down til we reach that green box

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then a bounce up to wave C until Sunday. Monday is usually a profit taking day

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Possible that we have finished the ABC wave. But I dont know if this is the end of the correction. We still havent hit 0.5 fib so, maybe, this is is just Wave A of a bigger ABC wave.

We need more data to confirm as to where we are going next. We need to see the bounce then confirm what will happen next

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8500 support incoming

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will this trendline support hold?

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if we reverse from 8500, expect an uptrend until Sunday

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could be the last push by the bears

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just a little bit more. if BTC goes lower than 8400, then 8300 is the next target.

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If we breakout above this channel, then the correction is over.

clydeuscope

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