Explaining BTC pullback with Elliott wave and FIB retracement.
#BTC #rank- 1
BTC is currently in a very big correction, it took a pullback of around 53% present.
But,
if you look closely BTC completed its 12345 elliott wave pattern(marked in the chart ). And we all know once this pattern is completed the price takes a very strong pullback and that pullback is normally around 0.618 level of FIB retracement taken from the initial level of 12345 pattern to the peak of wave 5, and this 0.618 level acts as a support price retests it and bounces back.
This same thing can be seen in the BTC chart, price is currently flirting with the 0.618 level of FIB retracement taken from initial point to the peak. So, basically price will hold this level and bounce back upward .
I am still very Bullish about the market.
BTC is currently in a very big correction, it took a pullback of around 53% present.
But,
if you look closely BTC completed its 12345 elliott wave pattern(marked in the chart ). And we all know once this pattern is completed the price takes a very strong pullback and that pullback is normally around 0.618 level of FIB retracement taken from the initial level of 12345 pattern to the peak of wave 5, and this 0.618 level acts as a support price retests it and bounces back.
This same thing can be seen in the BTC chart, price is currently flirting with the 0.618 level of FIB retracement taken from initial point to the peak. So, basically price will hold this level and bounce back upward .
I am still very Bullish about the market.
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.