showmethat

Another one with BTC, are we recovering or not??

BINANCE:BTCUSDT   Bitcoin / TetherUS
We are back at it again with BTC .


If you read my last posting on BTC analysis, I was calling it as a confused bullish run.
What I meant by that is that even though the chart signals were calling for a correction, it never really came. I predicted that the run will continue on until we hit the downtrend channel and then retrace back down from there.
...and would you look at that, we have officially broken out of the narrow upper channel after testing the upper resistance line.


Let's go into what I am seeing for the next few days.

We were riding the upward trendline for a little while now and finally broke free from the channel after testing the upper resistance of the downtrend channel marked yellow.
I am seeing a scenario where we just completed a 12345 wave, and working towards corrective wave B after hitting the 23.6% retracement zone. If this is the case, I suspect we'll test ~9500 at the 38.2% retracement zone to complete wave C, but this leaves BTC hanging very vulnerable and highly sensitive to further bearish sentiments.

The dotted yellow line represents a smaller trendline within the large downtrend channel that I've been using to navigate within the large channel. Extrapolating this trendline further down and we can see that it hits somewhere at ~$8850, which also happens to be around the 50% retracement region.
The healthier scenario for BTC market would be to hit the 50% retracement at ~8850 and reverse back up to break through the downtrend channel , complete the bigger inverse head and shoulder, then reach for the target at around 17000.


We'll find out in a few days where we will land so don't hold your breath.

Whatever the case, I suspect us to keep hitting support at major fibonacci retracement lines - if you can spot this, this is your bouncy pad to run your swings.
Comment: Quick update of where it's at right now...it's scarily accurate

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