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Tolberti
May 14, 2022 2:34 PM

Bitcoin - MEGA Falling Wedge + 0.618 FIB Support! Long

BINANCE:BTCUSDT1W
Bitcoin / TetherUSBinance

Description

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- On the weekly chart we can spot a huge falling wedge - bullish reversal pattern!
- If you take a fibonacci retracement from previous low (3000 USD) - we are currently sitting on the 0.618 FIB level!
- I think the drop below 28k was a capitulation event to kick out all stop losses and trigger liquidations.
- ABC correction from all time high is now completed with 0,618 FIB extension on wave C.
WedgeElliott WaveFibonacciBTCUSDBTCUSDTBitcoin (Cryptocurrency)Falling WedgeABC0-618Fibonacci RetracementDescending ChannelBullish Rectangle
Comments
Brownkub
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wont the head and shoulder play out?
Tolberti
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@Benkub, Well, i do not think it is a head and shoulders.
Tolberti
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Post your questions, comments and related ideas about BTC here. I look forward to your comments!
Suraj000
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@Tolberti could btc fall to 23000?
Tolberti
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@Suraj000, It could, in that case, 20 000 is the next support.
Raeyala111
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Do you think it still uptrend for long term?
Tolberti
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@Raeyala111, Yeah, but we really have to go up now.
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