Bitcoin has perfectly reached the support level at $10300 and finished a downward Eliott 1-5 cycle. At the moment I can't see any premises of the trend reversal to downward, so we can expect some upward movements to the $12500 resistance. In case it will be broken - the price will go further upward and face another resistance only at $13890. However, if the price wouldn't be able to break this resistance, more likely it would fall lower to supports $11450 and $10500.
At the moment the market came into a local bullish phase, so it is more profitable to look forward LONG entry points, rather than SHORT ones. So, it is good to buy in the zone of $11400 - $11800. We can see some long squeeze spike, so it would be better to place Stop Loss below the $11100 level.
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As we've expected, the price was rejected from the $12500 level, but the support at ±$11500 wasn't broken, so at the moment Bitcoin is in the ascending (-up) trend. There is a big resistance above the price level, it is located in the zone $12500 - $13000. This resistance will tighten with time, but at the moment we have a wide trade corridor. The target of the local upward movement is very clear - $12500 and then $13000
three ground basic rules of elliot wave are
1) wave 2 never goes below the start of wave 1
2) wave 3 can never be the shortest one
3) wave 4 could never go in wave 1 territory, unless if its a triangle
better you first remember this
1) wave 2 never goes below the start of wave 1
2) wave 3 can never be the shortest one
3) wave 4 could never go in wave 1 territory, unless if its a triangle
better you first remember this