BTC UPDATE
The price continues growing and reached the mentioned resistance of $8160. Today we have already took hold above the B point of the previous ABC correction, therefore we absorb the first half of the downward movement.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart,
BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart,
BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
Related publications
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.