UPDATED! BTC reached key support level. Descending triangle.
This is an update to the previous chart since I want to clarify some details:
BTC dropped to the key support level that we have seen twice since "big rally" in the same time turning from the symmetrical triangle into Descending Triangle. If 6000-6500 will hold, we should finish wave "E" first, and if the breakdown occurs at 8500-8800, the target might be ~13250 at 0.5 Fibonacci and here is why:
BTC is still very overbought, Daily RSI - 28, Stoch RSI - 6. We have seen this conditions only 6 times before the big rallies from 1800 to 4980, 2900 to 19980, 5800 to 11800 and 6400 to 9800, in average 7395 points up from RSI 30 on D, which is mysteriously matching a measured target of the triangle(Green arrow) 13500.
Since we missing wave "E", we are at the bottom of the triangle, this level showed a strong support twice, and conditions are badly oversold, we should finish the wave "E" before going down. Lower targets from the previous chart stay intact, but not going to be reached without retracement up.
Bonus:
Now, for those who use a Gann Fan, you probably know, that breaking 4/1 Gann is very bullish and often delivers a huge breakout in one big candle(cluster). BTC's 4/1 at ~7000k, so we are really close to it. If 7k will be broken, wave "E" is almost guaranteed.
Hold tight and stay tuned
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
BTC dropped to the key support level that we have seen twice since "big rally" in the same time turning from the symmetrical triangle into Descending Triangle. If 6000-6500 will hold, we should finish wave "E" first, and if the breakdown occurs at 8500-8800, the target might be ~13250 at 0.5 Fibonacci and here is why:
BTC is still very overbought, Daily RSI - 28, Stoch RSI - 6. We have seen this conditions only 6 times before the big rallies from 1800 to 4980, 2900 to 19980, 5800 to 11800 and 6400 to 9800, in average 7395 points up from RSI 30 on D, which is mysteriously matching a measured target of the triangle(Green arrow) 13500.
Since we missing wave "E", we are at the bottom of the triangle, this level showed a strong support twice, and conditions are badly oversold, we should finish the wave "E" before going down. Lower targets from the previous chart stay intact, but not going to be reached without retracement up.
Bonus:
Now, for those who use a Gann Fan, you probably know, that breaking 4/1 Gann is very bullish and often delivers a huge breakout in one big candle(cluster). BTC's 4/1 at ~7000k, so we are really close to it. If 7k will be broken, wave "E" is almost guaranteed.
Hold tight and stay tuned
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Comment:
The mistake in the second paragraph. BTC OVERSOLD, not overbought
Comment:
Bottom confirmed. I'm all in :)