Hello people,
I drew some simple Elliott waves from BTC all-time high until now, and as you can see on my chart, we are currently in wave 4 of Elliott cycle. The price was perfectly following Elliott cycle, Fibonacci resistances, and general Elliott rules. BTC is fighting 0.382 Fibonacci resistance for the second time, if we manage to break above we are going to the most important Fibonacci resistance of a bubble, 0.5 Fibonacci. I am still bearish, still very cautious about all this.
There are three possible scenarios at this moment:
1. We do not break 0.382 resistance, BTC forms the double top and we bounce back to red zone. Price target = 7500$~ and lower if we do not find support on those levels.
2. We break 0.382 resistance, and BTC bounces back from 0.5 Fibonacci. I think this is the highest possibility. If we bounce back from this Fibonacci I expect capitulation volume and massive selloff, true bubble scenario and new lower low in my buy zone area.
3. We break first Fibonacci, we break second Fibonacci, iH&S many people are mentioning forms and our target would be 16,000$. BTC is BULLISH!
My drawings are not precise, this is just general idea and TA of some simple Elliott and Fibonacci rules. My prices can fluctuate by 100-200$, BTC by itself is volatile and manipulative by whales and many other factors. At this moment BTC is fighting first Fibonacci resistance, watch out for the breakout and false breakouts. Trade carefully and good luck!
I drew some simple Elliott waves from BTC all-time high until now, and as you can see on my chart, we are currently in wave 4 of Elliott cycle. The price was perfectly following Elliott cycle, Fibonacci resistances, and general Elliott rules. BTC is fighting 0.382 Fibonacci resistance for the second time, if we manage to break above we are going to the most important Fibonacci resistance of a bubble, 0.5 Fibonacci. I am still bearish, still very cautious about all this.
There are three possible scenarios at this moment:
1. We do not break 0.382 resistance, BTC forms the double top and we bounce back to red zone. Price target = 7500$~ and lower if we do not find support on those levels.
2. We break 0.382 resistance, and BTC bounces back from 0.5 Fibonacci. I think this is the highest possibility. If we bounce back from this Fibonacci I expect capitulation volume and massive selloff, true bubble scenario and new lower low in my buy zone area.
3. We break first Fibonacci, we break second Fibonacci, iH&S many people are mentioning forms and our target would be 16,000$. BTC is BULLISH!
My drawings are not precise, this is just general idea and TA of some simple Elliott and Fibonacci rules. My prices can fluctuate by 100-200$, BTC by itself is volatile and manipulative by whales and many other factors. At this moment BTC is fighting first Fibonacci resistance, watch out for the breakout and false breakouts. Trade carefully and good luck!
Comment:
0.382 retracement was there as a resistance one more time. Today's price movement will tell us if the BTC will try to break through one more time or we are going down with double top formation.
