More in depth chart above ^^^^^^
So it looks like BTC -4.23% -4.21% had very harsh sell kick in at the 61.8 fib region of the previous downleg.
Unfortunately, 7150 was already a big . Now it has even more resistance.
- I spot this leg to be an upwards, with a very slim chart of it actually being a 5 wave impulse upwards.
- This is because when I counted those waves on this leg up, they all painted 3's with a last leg extension.
This means that lower targets are more likely to be in play & we fit into our common glove - WE ARE STILL IN A BEAR MARKET.
***The previous down leg we've had this past week therefore is likely to be a first wave, this bounce wave 2. This means, yes, wave three is highly possible. It can be discounted of course, but please keep this likely scenario open.
I'll keep it quick.
- A movement back up above 7.2k will validate a movement.
- A movement below 6.6k will validate a more count.
Lower target? 6K and below
Higher Target? If 7.3k.
Time frame? Uncertain. And - do not play to predict the future.
Play as if you are ready to enact plan A. Or plan B. Do you have either?
If you have anything to share as always, please comment below.