Zoom out and you can notice that this line has been significant at least since March month.
The next few hours is significant and should decide our next direction.
Notice the rejection and struggle to the top of that channel?
We may have an answer/decision soon.
BTC to: 8440 -> 8265 - 8560 (10-18hrs)
(I'll probably be away for a bit, catching up on business work)
I exited Altcoins for now in profit, for quick scalp trade.
Assuming we retrace here, I expect BTC to get down to at least ~8315. If it breaks through that, there should be a stronger layer of support at ~8250.
If we can manage to take off soon from this point, my next target is ~8525, within 7-11 hours.
After bouncing off my 8315 first support, price pushed further down to the 8250.
Upside target (8550) still same, however time has now expanded: 10-18 hrs
The very wild, sharp swings from 1-2 days ago make the wave count a bit difficult to interpret.
Slight possibility of 5 very malformed waves being completed and correction down could occur, but this is not the main count I'm maintaining for now.
For today, I lean towards further uptrend to the 8500-8600 range.
BTC still trying to stay supported on that sloping line, and does still have some chance of bouncing, but the conditions do look increasingly bearish.
~7800 is now a possibility, and possibility lower.
I'll let the market settle/decide direction a bit before my next plans.
I'll study these movements of the past days & improve with time and experience
On small (10m) timeframe, I see potentially 3 waves completed, with a 4th and 4th remaining that could take $BTC to ~7800.
Typically however, Wave-3 is 1.0 extension of Wave-1, and Wave-5, W1's 1.618 extension.
If BTC bulls want a turnaround, they should try to attempt that around these areas before getting lower.
I was unsure if either 3 or 5 subW down were completed.
The formation that developed over the past 6 hours resembles that of a Wave-1 of 5 UP to me, rather than an ABC down.
Right now there isn't strong volume to dictate the next direction, stay cautious.
Still at a confluence of major supports and resistances, which is slowing things down. (I'll be away a bit)
Let's see if we can get to the 2nd upper point in my chart, ~8290 , before any retracement.
Possible for BTC to try for 8300-3600 range before retracement, but a bit risky.
After better confirmation of this impulse end, I'll set a correction target.
Right now it's roughly 8100-8000.
(I should be away for a bit, have some other work to catch up on)
I'll sit this one out as I believe if it does reach there, it will correct after, & the risk to reward isn't good.
Would only slightly consider if it pulled back to ~8150 first.
Support below @ ~8050.
In my previous post, said I'd only consider re-entering BTC/Alts "if it pulled back to ~8150 first" (before getting to 8315 target).
It did exactly that, shot up after retracing to 8150.
I just didn't expect overshoot to 8400.
I will update after this settles a bit.