BTC lost $7k in two days, while ALTS held strong. It is a good sign!
**BITCOIN STRUCTURES:**
Pennant Formation - White trend lines
Uptrending Channel - Orange lines
Elliott Waves 1, 2 & 3
Current Support - Yellow Line
Bitcoin formed a 'Mini-Teepee' Formation which suggests a short term consolidation. Despite this correction, BTC managed to hold above psychological support of $60k.
As long as we hold above 60k, we will continue to look for that 'wave 3 TOP' which could be around mid $70k region.
This correction is healthy in my opinion, the market needs to cool down a little because our indicators are mostly overbought And this correction will give other people chance to join the party
Breaking below $60k on the other hand will yield $58k to as low as $53k. Crypto will still remain bullish at this point because $53k is only testing that previous breakout point (Previous resistance now acting as major support) - This type of scenario will fulfill the ABC correction - Again, this will happen IF we break below $60k..
Altcoins would also suffer if this happens.
- A1PHA Trading & Investing