From my drawing in the past, BTC retracement has never closed lower than 0.382 fibo support of the previous wave. This might be the first time BTC may touch 0.236 ($8800)
We are in the falling wedges, and if BTC support is high, we could break out at (1 - follow yellow) or we will continue to bounce in this channel and attempting break out again at (2 - orange), if not the bounce will continue and last attempt at (3 - red).
Please note that from my knowledge, the break out at (2) is unlikely to happen, if we will miss breakout (1), we will have to wait for the next one at (3)
It is unlikely that BTC would go to 0 fibo support which is $5300, meaning to neutralize all the end of year surge.. but who know?
After this retracement end, the BTC journey to 30K+ will begin.
That is my novice analysis, please don't believe me or anything I am saying here, and I am not the proessional trader nor financial advisor.
Good luck
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Testing first resistance..
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Resistance was not broken - psychologically take the whole market down together.
BTC gonna form sub falling wedges if it can't break this resistance again with in 23 Jan
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BTC failed to go to Point [1], expect bounce in smaller channel.
But if similar pattern from the previous month is complete. Area between Point 2 can still be expected
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Beauty of graph
Will BTC break this resistance and head for next one?
If the pattern doesn't complete the bounce channel will be much smaller.