For educational purposes only. This is not financial advice.
With a likely hood of Wave 5 being a statistically likelihood of 40% to be between 78%-100% extension of wave one.
Short term bullish to either form a daily higher low at the 286 gap, or .618 retest. A head & shoulders pattern is another scenario to keep an eye out for. Once a continuation of the down trend is confirmed, I will be taking profit at 273 and 263 respectfully.
Exactly as it says with conditions and targets outlined.
A strong bear flag pattern can be seen forming on the hourly and daily charts. Probability of a double bottom or lower low likely. Support to watch at $213 which formed near the previous bottom & 2015 resistance. If support breaks with conviction, next key support area to watch is at $157
The impulse from $1.34 to $3.32 has been nothing but textbook. If this continues, the next play is in the golden pocket and is favorable to begin the next impulse.
Medium term target hit, next long term target at $230
Short term target at the bottom of the channel for $17, and long term target of $40
Assuming BTC has competed its five wave cycle from 7.2k we can reasonably also assume that we are in the process of completing our ABC consolidation as shown. It is then very likely we will bounce the .618 fib level give that it is the golden pocket, and the fact that much support can be found in the area. Once we bounce the .618, we can conservatively target a...