EuroMotif

BTCUSD short term Support Resistance zones: Bitcoin UPDATE

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This is an update to my bigger picture plot looking for sub $3k.
But on the way there, we have several fib support zones.
Each of the green zones should offer a pause or a bounce.

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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.

First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:

Getting closer, I started to see a bigger picture of a 4 wave impulse that started with the 7400 drop:

As it bounced, 4425 came into focus as the big hurdle:

After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:

So now zooming back out to the original large 5 wave impulse, targets are in sight again:

The current chart is to plot the support zones on the way down.
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Comments

Bottom will be around 1000 USD
Reply
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