Quick plot to map two possible pathways of the requisite retrace.
The 5-wave move up was perfectly tuned to this fib series. The retrace is not clear thus far, but likely to follow the fib. Either path if followed, would still paint a bullish retrace.
8464 would be strongest Bull bounce for wave A end and B start. 8406 seems more likely as the x.236 are more often retrace targets. 8300 or 8100 are possible as final targets for wave C completion.
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Part of my ongoing Bitcoin analysis, been hitting every important turn (click): (tight zones plotted) (still possible) (perfect bounce) (early but valid) <=Perfect TP <=Perfect TP <=6 wks ago <=Perfect Entry (the EXACT bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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So we look to have completed the wave A and now ending wave B maybe. This little bounce (on 1min) for possible "wave B" does have some fib legs though but the 3.618 might end the wave, or the 4.1236 at $8632 prolly will
Zooming OUT a bit to include the higher tf Fib of the wave up: We have a well defined resitance zone with TWO layers, for possible wave B end.
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. We have just hit the origiinal fib line, the blue 5.618 at $8616 This is the moment of Truth!
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So here we are, after a Bull Trap and then dump, back to where we should have tested anwyay. But they just had to get some longs trapped will above I guess :(
@Bitscout, ty, that spike up had me wondering where I went wrong, but only for a minute and then it crashed!
I guess it eventually did what it was "supposed" to, after the "manipulation" to wipe out shorts and suck in longs....