Bitcoin has been moving upward for more than 5 weeks now. During this time, there have been two drops and three legs up.
Currently, BTC is well on it's way to complete the 5th leg, which is likely to be the last leg up. I'm seeing the top of the 5th leg ending up around $51.5k, around the 1.272 Fibonacci extension from the 3rd leg.
I've marked the red support area as a potential end of the correction. The correction can last anywhere between 1-3 and would in the end be healthy for the market.
On the other hand, it's possible that the ABC correction never occurs and that we're going straight up to $60k. Future will tell.
Happy trading!
Currently, BTC is well on it's way to complete the 5th leg, which is likely to be the last leg up. I'm seeing the top of the 5th leg ending up around $51.5k, around the 1.272 Fibonacci extension from the 3rd leg.
I've marked the red support area as a potential end of the correction. The correction can last anywhere between 1-3 and would in the end be healthy for the market.
On the other hand, it's possible that the ABC correction never occurs and that we're going straight up to $60k. Future will tell.
Happy trading!
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