Support in the 7700 area

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Confluence of fib 0.618...0.764 retrace zone and 1.618 of technical analysis tools.
Comment: Temporary(?) bottom found at 8400. Likely, a bounce targeting to 10000.
Comment: Above 10000 targeting to 10700
Comment: One more move down, targeting to the 7700...7300 area.
Comment: A move down is close to the bottom or already bottom at 7650.
Comment: Elliott Waves technical analysis. A drop below 7000 mean bad news - opening way to attack 6000 support.
Comment: Likely, pattern 1-2-3-4-5 completed. The move above 8500 opens way to 10000 high.
Comment: Now need to break up 8650 to confirm the intention to continue rise up.
Finally got to the 7700. What do you think about the descending wedge, could it break up? Thanks
ctealdi ctealdi
@ctealdi, sorry, too big pic :)
But 7700 first? Thanks
Like2Move ctealdi
@ctealdi, Only below 8700. Double bottom at 8400, retrace to the 9900 signaling a turn up.
+2 Reply
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