I have decided to post this as a separate idea. You can visit my previous btc 4.63% analysis in the related ideas below. They are still relevant.
- It is my opinion that the current upward move is an ABC correction to the upside in a downtrend. - Candles are now showing signs of reversal at 1:1 A-B ext - This price level is also a . 618 retracement of the bearish impulse waves. Confluence at key zones with high possibility of reversal.
- $10,178 is 1:1.618 A-B ext. Which may serve as next resistance should the price continue to rise. - For these reasons, I will not be opening new long positions until we close above all these levels.
*Repost with indicators removed.
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- Another point to add: C wave now falls into the proximity of the 4th previous subwave. Another region where reversal occurs. Higher degree of confluence = higher confidence of further movement to the downside.
Trade active
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So far so good. A thing of beauty.
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I am rather convinced that we are going lower now. But for confirmation, we should wait until a close below $8198.
I hope this post has either made you profit or saved you money. Much love!
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@userbeauty, i c from ur other post u think we will now retest .618... so the abc is still in play, right? ...the red abc from your second chart. Totally changes everything for me if that abc is still in play. if i do it right i will tip u!
someone514
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@userbeauty, ABC correction is up. .618 retest is down. Where is the confusion.
userbeauty
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@AlexCh, I see the .618 in blue which is up from current price
someone514
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@userbeauty, dude. you are combining two different posts in one. The .618 retest in my other post has a different level of .618. Please look carefully before you put your money in anything.
gusccbb
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Hi, Do you see possible scenario falling from 8k? At this point I have doubts about where the adjustment will finally go (since a year ago it was $ 1k). Any FUD will accelerate the process with this weakness.