According to this low time frame wave count we are now in the second leg of a corrective pattern (B). This could lead $BTC price to somewhere around $7600 before retracing in(B) to the 0.5 fib level of (A) at a round $7100.
If this holds true we could be looking at Wave (C) targeting around $8000 correlating with two fib levels and channel resistance: 1. The 0.7 extension of (A); 2. the 0.3 fib level of the last impulse down (from $10000 -> $6400 and the upper channel resistance that we have been in since August 2019.
If these points of resistance hold, we can expect one last corrective leg down (c) of a higher degree possibly ending the current complex correction at $5400 (see my past publications on this matter).
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If this holds true we could be looking at Wave (C) targeting around $8000 correlating with two fib levels and channel resistance: 1. The 0.7 extension of (A); 2. the 0.3 fib level of the last impulse down (from $10000 -> $6400 and the upper channel resistance that we have been in since August 2019.
If these points of resistance hold, we can expect one last corrective leg down (c) of a higher degree possibly ending the current complex correction at $5400 (see my past publications on this matter).
Please comment and share.
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On the hourly time frame, we can see that our target (B) was not entirely reached and way earlier than expected. This supports our current bullish bias, hoping that our target (b) will be reached.
As mentioned in the higher time frame analysis, we have to adjust our stop-losses according to the weak bullish momentum. As the volume profile stands, our trade can easily be taken out by high volume sell pressure.
As mentioned in the higher time frame analysis, we have to adjust our stop-losses according to the weak bullish momentum. As the volume profile stands, our trade can easily be taken out by high volume sell pressure.