After retracing and breaking through the 8k support level, btc has found some support and is forming a potential Elliot wave pattern. If we hold at the current support level and move up from here, we may see the previous high broken on the way up to complete wave 5. My target on this would be around 8900-9200.
If this level of support which aligns with the 50% fib level doesn't hold, BTC may retrace further to the 61.8% fib level. If this happens I will be watching closely for a bounce there, or a break which may indicate we are heading lower before completing this correction.
I'm still holding from the 6k level and will not short just yet. Waiting for confirmation of direction.
If this level of support which aligns with the 50% fib level doesn't hold, BTC may retrace further to the 61.8% fib level. If this happens I will be watching closely for a bounce there, or a break which may indicate we are heading lower before completing this correction.
I'm still holding from the 6k level and will not short just yet. Waiting for confirmation of direction.