$BTC Forming a nice wedge. The very strong support at 10k makes me believe that this is the reversal. Refer to my previous charts.
But where will it go?
I see a big reversal in play, breaking underneath the 200 MA and entering a bear market. Ive marked off the S/R lines where I think will be most prominent.
The GREY lines are previous S/R and the labelled trend lines are the 38% and 50% Fibonacci retracement of the entire initial wave. Once it breaks downwards out of this wedge. (And Passed the 200MA!!!) I believe it will crash down to 8.6k ish, show some movement around this area. And then possibly down to 7.5K. In my previous charts i mention it could fall to 6,5K which would be the GOLDEN POCKET Fib Range. But considering this is the ABC Correction waves, I don't think it will retrace back down that far. As the first correction wave of the Elliott formation doesn't usually retrace passed 50%.
Long Term View:
But where will it go?
I see a big reversal in play, breaking underneath the 200 MA and entering a bear market. Ive marked off the S/R lines where I think will be most prominent.
The GREY lines are previous S/R and the labelled trend lines are the 38% and 50% Fibonacci retracement of the entire initial wave. Once it breaks downwards out of this wedge. (And Passed the 200MA!!!) I believe it will crash down to 8.6k ish, show some movement around this area. And then possibly down to 7.5K. In my previous charts i mention it could fall to 6,5K which would be the GOLDEN POCKET Fib Range. But considering this is the ABC Correction waves, I don't think it will retrace back down that far. As the first correction wave of the Elliott formation doesn't usually retrace passed 50%.
Long Term View:
Comment:
If it wasn't already obvious we have reversed into a bear trend check out the MA "DEATH CROSS". The previous rejection of the death cross makes the move even stronger.
