BTC retrace to 4640 and final target 5880
If we look at our daily chart we can see Bitcoin has made 5 impulse waves down and is now correcting with an ABC correction
We are currently in our wave C upwards, this wave C consists out of 5 impulse waves up.
We are currently making wave 3-4 of our 5 impulse wave within wave C
We can see major fib confluence and 200 EMA support on the daily around 4630 USD
The fib shown in the chart has been respected nearly perfectly and shows us our final target is at 5880 USD
5880 USD is confluent with our major resistance which was previously very hard support.
In the updates below we will show you in depth wavecounts of the trend
We are currently in our wave C upwards, this wave C consists out of 5 impulse waves up.
We are currently making wave 3-4 of our 5 impulse wave within wave C
We can see major fib confluence and 200 EMA support on the daily around 4630 USD
The fib shown in the chart has been respected nearly perfectly and shows us our final target is at 5880 USD
5880 USD is confluent with our major resistance which was previously very hard support.
In the updates below we will show you in depth wavecounts of the trend
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
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If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
Wave A: 5 impulse waves down
Wave B: 3 corrective waves up
Wave C: 5 impulsive waves down
We can see wave A has been completed as we can see 5 clear waves down. We have formed an 4h hammer and also are making an ascending triangle on the 15 min which indicates we could now be making wave B up.
As shown in the graph, when we use the fib extension, we can see perfect confluence at 4630 which coincides with our daily fib