BTC ABC correction over, now to re-test 51-54K critical range
Fib Retracement created off the ATH and recent low. BTC had rallied but failed to reclaim and hold the .702 retracement.
It then entered an A-B-C correction, textbook. On October 3, we see BTC cleared the B-wave high, circled in red. This signaled the end of the A-B-C correction. Technically speaking, a move even $1 higher than the previous B-wave high ends the ABC pattern. Prior to that, even with the upward trading, BTC could technically have gone lower than what is now solidified as the C-wave low had it not cleared the B-wave high.
Today (yesterday too) we see that playing out. Expect volatility in both directions but also expect a challenge into 54K.
It then entered an A-B-C correction, textbook. On October 3, we see BTC cleared the B-wave high, circled in red. This signaled the end of the A-B-C correction. Technically speaking, a move even $1 higher than the previous B-wave high ends the ABC pattern. Prior to that, even with the upward trading, BTC could technically have gone lower than what is now solidified as the C-wave low had it not cleared the B-wave high.
Today (yesterday too) we see that playing out. Expect volatility in both directions but also expect a challenge into 54K.
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