It does seem that we are in the midway of the corrective pattern (ABC).
It seems B wave is finished because it reached the resistance 0.618 of the fibonacci retracement and it bounced. Therefore, there are three possible targets for the C wave supposing we are in a normal flat pattern.
Target 1: 41k (100% of the A wave projected from the end of B).
Target 2: 36k (1.236)
Possible target 3: 34k (1.382). I marked this as only a possibility because it is relatively rare to see a flat pattern reaching this point. It is plausible however due to the fibonacci support of 0.5 (retracement of 3rd wave) in the weekly chart that corresponds to possible end of the 4th wave.
After this corrective movement I expect BTC to reach ~80k in the 5th wave.
I would like to know your opinions.
I wish you all good profits!
DISCLAIMER:
This is not a financial advice
It seems B wave is finished because it reached the resistance 0.618 of the fibonacci retracement and it bounced. Therefore, there are three possible targets for the C wave supposing we are in a normal flat pattern.
Target 1: 41k (100% of the A wave projected from the end of B).
Target 2: 36k (1.236)
Possible target 3: 34k (1.382). I marked this as only a possibility because it is relatively rare to see a flat pattern reaching this point. It is plausible however due to the fibonacci support of 0.5 (retracement of 3rd wave) in the weekly chart that corresponds to possible end of the 4th wave.
After this corrective movement I expect BTC to reach ~80k in the 5th wave.
I would like to know your opinions.
I wish you all good profits!
DISCLAIMER:
This is not a financial advice
Trade closed: target reached:
Correction path is, from my point of view, completed.
I expect BTC to reach at least 80-86k in the next run.
Good luck :)
I expect BTC to reach at least 80-86k in the next run.
Good luck :)