I'm a bit doubtfull of using the euro chart due to the weird spikes that occur like we can see here in the wave 1. Anyway.
This is my current thought about the BTCEUR pair based on recent developments. We had a very shallow fifth rectracement (orange line) and many people expected it to go down to 6000 before pumping up. Even for me, I missed the buying opportunity here and am waiting for the first bigger wave to complete and buy on the dip of wave 2. This is still risky though since we are still in a bear market even when we complete the potential first bull wave (green line).
Potential peak of the first bigger wave (white); 7024 (Fib level + prior resistance)
If the market has strong bull sentiment we might reach 7480 before having a healthy pullback of this bull wave.
The on the daily still has some room to pump up wave 5.
For the moment I'm just going to wait for it to retrace to more interesting levels after this huge pump that we had.
Buy zone; 6030 - 5850
Likes and comments are welcome!
p.s this is no financial advice
Possibility 1: we just finished our wave B and are going until the Fib 0.5 which is also previous resistance (6150)
Possibility 2: we just finished our wave 4 of the wave A in the correction which means we will hit the target I initially put around 5900
But don't forget, still bear market, be cautious trading.
Looks like the 5th wave is set in early and we are ready to set for an correction. Once XBTEUR will reach fib 0.618 levels I would be interesting in getting in.
Be cautious though, we are still in a bear market! BTC can still retest previous lows from February. Even in the bullish scenario, a wave 2 can retrace deep so it is better to wait for a clear confirmation!