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Bitcoin - Trend Line / Fib Retracement / Elliott Waves

Short
Bitcoin (COINBASE:BTCUSD)  
neburgui  
COINBASE:BTCUSD   Bitcoin
Support and Resistance Fibonacci Elliott Wave Cryptocurrency Bitcoin (Cryptocurrency) BTCUSD
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supportandresistance fibonacci elliottwaves cryptocurrency bitcoin btcusd
Scenario A
  • 0.718 Fibonacci level from last bull trend ($5.5k to $20k) is $8.5k.
  • Historical trend tine support (yellow line) matches Fib 0.718 at $8.5k.
  • 5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.
$8.5k is likely to be tested before BTC can move to new highs.

Scenario B
  • If price action breaks the trend tine resistance (red line) and closes above it, BTC will probably shift and start a bull trend without testing $8.5k.
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