Nothing changed since my last analysis. IP2 has nearly formed. Upward target from here is minimum at 50% Fib. Further up at 61.8%.
This pattern will become invalid if BTC fall below $7,700 or 0% of the retracement.
I identified a very tight cluster formed of X/A/A1 extension and X1/A1 retracement. This indicate strong resistance on both levels.
For those...
I would not be surprised if Bitcoin will get well deserve break in this uptrend. Taking on the account the past symmetry (blue) a similar pattern would emerge from this point. Possible retrace to the $5,100-$5,200 area would be very healthy. Moreover, so far 1.272 is acting as a resistance. If Bitcoin will pass that, then 1.618 at $6,000 level should also be on...
Looking at the STOCH and RSI, there is possibility for a small reverse downwards, which could form an internal pattern (IP1).
If so, then a long position could be open.
SL should be placed right below 0% Fib level.
TP at 50% Fib.
Ps. This is not a financial advice. It is purely based on my approach to the market.
