BTC on the daily on Coinbase has only breached the 88.5ish level on the RSI six times (it re-breached that level shortly following the initial break (which is marked in blue) a couple of times during the runup that followed).
Each of the previous five times the price ran up for an average of about 42%, then corrected a similar percentage reaching that cycle low before the next bull run commenced, if BTC follows that pattern then this chart is what's going to happen. The timing is already off from the previous situations though. Each previous break of that RSI led to a quick increase in price. This time the timing is different so the price action might be different. If price were to drop the average 42% from this level we would challenge the current cycle lows.
@Peyote_Manning, Proof in the puddin that I suck at Elliot Waves, I am still a beginner in that aspect, starting to get resistance/support, fibonacci, volume, rsi, putting it all together like butter.
Peyote_Manning
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My (and many others') first thought is the 6-7k range will offer heavy resistance.
So what if price just blew straight through those levels, people fomo, price hits the next resistance, algos trigger, old hands sell, price drops, new hands panic, small climax sell off, smart money accumulates (this is where the magic happens), bang bang, new bear market, and that's how babies are made.
Phase one on target.
Red leader?
Stay on target!