Danger Level increasing as we remain below 71,350 and droopy
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Zoom IN (m15) Pretty clean rejection off bottom boundary of our zone, Now of keen interest is thick blue Genesis fib at 69,096. If bulls lose that fib, then bears will be keen to push hard.
Relief bounce but into the core resistance again The resistance zone is about 1k tall, 71,350-72,300 Defined by the "Impulse Core" (0.382-618) of red fib down.
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Zoom in (m5) for a closer look at the last bounce leg: This leg was from the 1.236 fib to the 0.618. The 0.618 to 0.382 is the "impulse Core" of wave down. The Core is where expect maximum energy of the wave.
Yet another failure at the Resistance Zone: But the persistence of bulls is impressive. Likely to test the upper boundary soon. US market open in 8 hours might do it.
Danger Will Robinson, DANGER As pointed out by blue arrow in last update, that rejection might have done it. Every dip below 69,096 increases the odds of wave C starting here and now.
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Zoom IN m3) We now have two MAJOR hurdles above : 1) Red 1.236 at 68,864, the sister of our local top red 0.618 at 71,350. 2) Blue 260.436 Genesis fib at 69,096 the major barrier that is now reinforced
IE: odds of 52.8k have increased dramatically today.
Follow up to last snapshot on the 1 min: So far so good.
We might get a secondary push above the red fib at 67,238 but still looks likely to go lower to our 65,255 target. =================================================================================================
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Comment
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Follow up to last pic: 65,255 target hit and surpassed Lets see how this bounce goes
Follow up to last Snap Shot: Two new developments both bearish: 1) Attempted retest of red 2.36 failed 2) Ping from underside of 3.236 for first time.
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Zoom in (m5) and adding Blue Striped fib to last leg down: The first guess of such a fib's destination is the 4.236, in this case at 57876.86.
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Zoom out a bit (m13) and include our existing fibs: Our blue 4.236 is pretty close to our originally targeted red 4.236. So it possible that either 4.236 could end the entire correction.
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SUMMARY: - Still on course to our original targets. - It is possible we bounce a littel higher. - Also possible is a bounce then new lows.
Don't be so dramatic, we'll have halving momentum until the halving at least. If a bearish and a bullish pattern are available it's far more likely the bullish one will manifest. After the halving, all bets are off because we won't have a narrative to "sell" (newbies will panic when they discover that Bitcoin doesn't double in price instantly lol)
day0
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I don't specialize in the Elliot Wave, so this chart is using an Elliot Wave indicator (so it may not be perfect and may have some variance). What indicator is this? This is the "Elliott Wave [LuxAlgo]" indicator. 4h BTCUSD :
1D BTCUSD : If this dips below $70000, I do not think it will dip very far as $60000 seems to be holding well (for now). Over the next 90 days: I expect to see $80000 and $90000, then perhaps a dip to $80000 (roughly between $80000 and $90000). On lower levels $75000 to $85000.
EuroMotif
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@day0, yeah, 80-90k sounds good for next target, just a question of retrace first or not .....
day0
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@EuroMotif, I really hope it dips to $62000 one more time even for 30 minutes (to catch a limit-buy), so I can buy more (lower) next week. I'm thinking if it does dip a little, it may dip near 2024-04-06 to 2024-04-15.