We're holding decently well above $7,100, a major support zone . Looks as if we may be in a 1,2,3,4,5 Elliot wave count and a week long surge to around $8,500. There will be strong resistance at $7,500 and $8,000, but could possibly break in the short-term as we test the long-term resistance at the pennant formation.
I entered at $7,305 with stops at $7,230, just below 61.8% retracement . Looking to exit at $7,900 and see if wave "4" holds fib retracement, if we even make it that far, then get back in above $7,500 if fib support holds for a wave "5" to test $8K again.
Highly unlikely we break north of the big pennant resistance and start another bull rally. So for me I'm looking to get in and make a few points on this MACD 1D surge.
After this we will continue our downtrend into the $6,000 range. The plunge to $5K seems less likely now, but I'm not ruling it out. A re-entry into $6K seems almost guaranteed at this point however.
I entered at $7,305 with stops at $7,230, just below 61.8% retracement . Looking to exit at $7,900 and see if wave "4" holds fib retracement, if we even make it that far, then get back in above $7,500 if fib support holds for a wave "5" to test $8K again.
Highly unlikely we break north of the big pennant resistance and start another bull rally. So for me I'm looking to get in and make a few points on this MACD 1D surge.
After this we will continue our downtrend into the $6,000 range. The plunge to $5K seems less likely now, but I'm not ruling it out. A re-entry into $6K seems almost guaranteed at this point however.