BTC has short term upside but likely to make one more low
BTC has found support at a key level but from a fibonacci standpoint, it looks like we're in the middle of two important zones at the 23.6 and the 38.2.
What does this mean? We're looking like a pivot for a few days is among us and support is likely to be found at the $20800 area which is where the 38.2 is and where I expect this larger degree wave 4 to terminate.
This is also in alignment with the trendlines that formed during the chop from January 20 through February 8. The rise is likely to retest the rising trendline that has formed and watch for some divergence to form around there, too. We'll likely reject that area, make one more local low and then continue up into our wave 5.
Everyone asks about time. How long will it take? Nobody is perfect with timing but if I had to make an estimation, there's a major time cycle on February 14th that I've been talking about for at least a month. Well, that's only a few short days away. Lets see how things resolve from here.
Cheers!
What does this mean? We're looking like a pivot for a few days is among us and support is likely to be found at the $20800 area which is where the 38.2 is and where I expect this larger degree wave 4 to terminate.
This is also in alignment with the trendlines that formed during the chop from January 20 through February 8. The rise is likely to retest the rising trendline that has formed and watch for some divergence to form around there, too. We'll likely reject that area, make one more local low and then continue up into our wave 5.
Everyone asks about time. How long will it take? Nobody is perfect with timing but if I had to make an estimation, there's a major time cycle on February 14th that I've been talking about for at least a month. Well, that's only a few short days away. Lets see how things resolve from here.
Cheers!