Tug of war of the Bull and the bear is going intensively, ups and downs of price action surrounding the trough C of ABC correction has been pretty intense. Based on the observation at the current price action, there are two scenarios that might happen to BTC
Scenario 1
According to ABC Elliott Wave correction, BTC has reached it trough at around 8400-ish. If this is the case, Fib-extension indicates an interesting bounce back at this level. This scenario could show whether BTC has got out of the wood from the hard hit in early January this year. As recalled, BTC hit so close to 12000 twice but the bull couldn't make it and the market has fallen deep approaching so close to its lowest 6000. Based on Fibonacci Extension, if BTC bounces back at 8400, it has a strong potential to reach this deadly resistance level again. The extension pattern shows a slightly higher price of 12019 than its Feb - March resistance level. So if BTC can break this, there would be a very bullish scenario ahead in the 2nd half of the year.
Scenario 2
This happens if BTC keeps on correction and hits its heaven support level at 0.618 Fib level. Then the market will bounce back. This scenario is harder to predict the price action. This is because the upward price momentum will be much weaker than it of scenario 1. If it is so, BTC will be approaching fairly close to its deadly resistance. This will need further price observation and bullish momentum to predict whether BTC can break out or not.
There are some ideal trade zones laddering between 8500 and 7800, laddering between this zone could get back a pretty decent turn in the next bull run. Risk and reward ratios are at 4.5 to 11.36 with approx 40% gain in this zone.
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Check out my previous bearish prediction
Disclaimer
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
Scenario 1
According to ABC Elliott Wave correction, BTC has reached it trough at around 8400-ish. If this is the case, Fib-extension indicates an interesting bounce back at this level. This scenario could show whether BTC has got out of the wood from the hard hit in early January this year. As recalled, BTC hit so close to 12000 twice but the bull couldn't make it and the market has fallen deep approaching so close to its lowest 6000. Based on Fibonacci Extension, if BTC bounces back at 8400, it has a strong potential to reach this deadly resistance level again. The extension pattern shows a slightly higher price of 12019 than its Feb - March resistance level. So if BTC can break this, there would be a very bullish scenario ahead in the 2nd half of the year.
Scenario 2
This happens if BTC keeps on correction and hits its heaven support level at 0.618 Fib level. Then the market will bounce back. This scenario is harder to predict the price action. This is because the upward price momentum will be much weaker than it of scenario 1. If it is so, BTC will be approaching fairly close to its deadly resistance. This will need further price observation and bullish momentum to predict whether BTC can break out or not.
There are some ideal trade zones laddering between 8500 and 7800, laddering between this zone could get back a pretty decent turn in the next bull run. Risk and reward ratios are at 4.5 to 11.36 with approx 40% gain in this zone.
I am dedicated lots of time into this to support the community. Give me a thumbs up and click follow if you find it useful.
Check out my previous bearish prediction
Disclaimer
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
