BTC has reached resistance under mid term gann fan (purple). Short term fib speed fan (pale blue) suggests support at 0.66 level for continued ascent. If this potential drop is to occur soon then this support would be strengthened by the long term gann fan (gray), the short term fib retracement (light blue) and the long term fib retracement (orange).
Fib time zones (vertical gray) indicate that a point of significance (potential reversal) has just passed.
Short term wave count indicates potential 5 wave set completed.
Such a drop would approximately equate to the recent drop to the low 9000s (the two orange price measurements are equal in height).
Beyond this short term target of ~9800, the mid term target is ~12200
Fib time zones (vertical gray) indicate that a point of significance (potential reversal) has just passed.
Short term wave count indicates potential 5 wave set completed.
Such a drop would approximately equate to the recent drop to the low 9000s (the two orange price measurements are equal in height).
Beyond this short term target of ~9800, the mid term target is ~12200
Note
Mid Term View: Note
Potential H&S Note
H&S now invalid with a break above the head, lower target still a potential long entry but the short position is now compromised following a break of the gann fan. Short position may still be valid provided candles close below the gan fan resistance.
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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.