Bitcoin : Short term view and review of yesterday's analysis
Hello fellas, How are you doing today? I hope you are doing great. Let's get to the point!
If you have seen my yesterday's video analysis about bitcoin in short term and long term view (and if you haven't seen it, kindly see it on this link youtu.be/GSzPvzM5o54 ), you will be very familiar with some of this key levels drawn on the chart. After the action of breaking out of the green dotted trend resistance trend line with an absolute candle closure on 4 hours chart and a pretty good volume. But, once again I want to remind you that even at the most bullish market, it will still need the correction even at the smallest degree of the wave. That's why I try to make a relation with a possible elliot wave count on lower this 3 hours time frame.
Orange zone is the golden pocket zone which I believe that it is the strongest resistance zone for short term basis. The green zone will become the strong support because it is simply the 50% of fibonacci level and it has a confluence with previous price action as key level.
For short term, I firmly believe that bitcoin will touch the orange zone at least and the maximum retracement that could occur will be on the green zone as the key level. As long as the 4th wave hasn't move down to the territory of the top of the wave 1 (Not more than a wick), This scenario will be still active. My bias is remain the same, short term is bullish, but for long term we could see a horrible bearish scenario.
Thank you
If you have seen my yesterday's video analysis about bitcoin in short term and long term view (and if you haven't seen it, kindly see it on this link youtu.be/GSzPvzM5o54 ), you will be very familiar with some of this key levels drawn on the chart. After the action of breaking out of the green dotted trend resistance trend line with an absolute candle closure on 4 hours chart and a pretty good volume. But, once again I want to remind you that even at the most bullish market, it will still need the correction even at the smallest degree of the wave. That's why I try to make a relation with a possible elliot wave count on lower this 3 hours time frame.
Orange zone is the golden pocket zone which I believe that it is the strongest resistance zone for short term basis. The green zone will become the strong support because it is simply the 50% of fibonacci level and it has a confluence with previous price action as key level.
For short term, I firmly believe that bitcoin will touch the orange zone at least and the maximum retracement that could occur will be on the green zone as the key level. As long as the 4th wave hasn't move down to the territory of the top of the wave 1 (Not more than a wick), This scenario will be still active. My bias is remain the same, short term is bullish, but for long term we could see a horrible bearish scenario.
Thank you
