Hello friends, as described in the idea linked to this post, I anticipated BTC reaching the $9050 level due to the 0.786 retracement and previous retrace patterns.
I expect a bounce at the strong support of $7600, with stops below $7340. There are 3 major supports in this area: first we have all the activity in the area, then we have the long-term trend line, and finally, we have the 0.318 retrace for the current move. Not to mention we have had a good decline from the recent highs. I still expect that run to 9050.
I am no expert in Elliot wave by any means but perhaps there is something here...3 pushes higher in a counter-trend rally. Major bear trend has significantly weakened however.
I expect a bounce at the strong support of $7600, with stops below $7340. There are 3 major supports in this area: first we have all the activity in the area, then we have the long-term trend line, and finally, we have the 0.318 retrace for the current move. Not to mention we have had a good decline from the recent highs. I still expect that run to 9050.
I am no expert in Elliot wave by any means but perhaps there is something here...3 pushes higher in a counter-trend rally. Major bear trend has significantly weakened however.
Trade closed manually:
I was very wrong. I no longer thing there is further upside in the near future.
