If we look into fibonanci tool, its observed that price break through 38.6% fibonanci retracement from the time high of 19xxx$.
Since then the next expected target is 50% retracement level which is at 11,500$. if price manage to break this level up then next fib level ahead is around 13475$ which equivalent to 61.8% fib retracement level from all time high.
Meanwhile, Based on Elliot wave analysis, and I mean this by my personal count I see BTC making its strong impulsive waves where wave 1-4 is completed and with the look of thing we are presently on wave 5 which I projected to have 5 sub-waves.
From the Primary wave (4), Another set of wave cycle is observed which is for sub wave (i) of wave 4, I believe this small sub waves represent major sub-wave 1 of wave 5. If this is correct then we should follow with a retracement which should be minimum of 23.8% fib level and max of 61.8% fib level respectively which represent prices with
23.6%= 10470$ 38.2%= 9895$ 61.8%= 8965$
All the above level are my watch level for possible retracement target before next impulsive wave that will take us towards 13450$ to 14750$ which is my projected sub-wave iii target of main wave 5 of the whole impulsive move.
Note:
We must not forget to have backup plan should in the case BTC refused to retrace.
Our Plan B will be to have an order ready above the present high at 11510$ and if the level breakup, the next target will be 11865 towards 12,500$.
I hope this market update will be useful for your trading decision.
Do know that I appreciate your effort and the time spend in reading and watching my posts and Please leave a LIKE and FOLLOW us for more updates and leave us your comments as well.
Thank you
Note: It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
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Please keep an eyes to the Diamond top pattern, any break above it invalidate the drop view.
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Serious Bullish outlook from both Fibonancii channel and Wedge.
This really look serious guys for those that know how they operate.
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We are still on sub-wave 1 of wave 5 with the last leg of the sub-wave1 having ending diagonal move which should terminate towards 11600$-11900$.
Major correction is expected after the completion of this wave length.
Fingers crossed.
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I discovered a very interesting trendling perfectly acting on 50% retracement from all time high. This will surely push some hard level for BTC at this present price.
let keep close eyes on it.
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One of my previous post has really been nailing down on BTC, I made this call first. 12k is almost here we are almost there.
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NExt lines of resistances are shown with green lines
This is a fake bullrun (an extended correction) and again a bubble. Believe it or not context is still bearish (from end 2017). We ll see when this collaps how much support there will be at important levels. Good luck.
weslad
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@SkyBottom, Hmmm, "extended correction" indeed. this is ridiculous man. Anyway thanks for your comment.
coinzada
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@SkyBottom, 100% possible. The more parabolic and fomo based this rally the more likely it is a B leg of a much larger elliot wave.
evolmk99
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big players bought sub 6k and pushing strong. can they break above the .5fib from 20k to 3k? doubtful, we've yet to see a big selloff and it's coming
evolmk99
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@evolmk99, on uptrends and the following retracement, if price cannot break above the .5fib level then price will continue to drop until sellers are satisfied. Then a retest of the .5fib can occur again
In summary, bulls need to break 11.5k to resume Bitcoin's macro bulltrend, if they fail then it's gonna do some price discovery again most likely to ~6.5k area
Gotta love crypto where sentiment turns on a dime and people start posting charts with zero corrections on the first bull rally post bear market.
weslad
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@fenderkid82, We posted updated based on what market is right now, we are on FOMO rally.
coinzada
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@weslad, We've yet to even confirm its a bull market, nor have we broken through the ultra important 61.8 retracement levels. Way too soon to be talking about $18,000. There are a whole lot of trapped bulls between here and there.