After bitcoin had another leg up, it found strong horizontal resistance starting at the $4040 level. Wave 5 also gave bearish divergences after forming a higher high on price, but a lower high on RSI which indicates this move up is running out of steam.
A short from the top has found support on the 0.236 Fibonacci level. I look to count the Elliott Wave ABC structure of a 5-3-5 zigzag, to a conservative 0.382 target because of the horizontal support that lies there. With a break of the 0.382 eyes naturally fall to the 0.5 and 0.618 regions which coincide with horizontal supports.
The ABC correction will be invalidated if this bounce from the 0.236 Fibonacci level was real and we get one more leg up, which could go to the $4400 region next, with a low volume Christmas day tomorrow it's not out of the realms of possibilities.
Hope you all have a happy holiday.
A short from the top has found support on the 0.236 Fibonacci level. I look to count the Elliott Wave ABC structure of a 5-3-5 zigzag, to a conservative 0.382 target because of the horizontal support that lies there. With a break of the 0.382 eyes naturally fall to the 0.5 and 0.618 regions which coincide with horizontal supports.
The ABC correction will be invalidated if this bounce from the 0.236 Fibonacci level was real and we get one more leg up, which could go to the $4400 region next, with a low volume Christmas day tomorrow it's not out of the realms of possibilities.
Hope you all have a happy holiday.
Happy holidays!