Looking at the 4 hour chart here. We have retraced from the down trend line as expected. Two main factors I want to point out.
1. We are flirting with a very very important level here. The 11k zone has acted as support and resistance over the past few months. It also (not coincidentally) coincides with the .618 Fib level. This is the perfect technical level for...
I have considered wave count in many ways, but finally found a perfect way to analyse the wave count.
There are many reasons for buy at near about 7000 (If market goes to this level)-
1. Trend line support.
2. Previous 6800 support.
3. 38.2 fib retracement level at exact near 6800.
4. Bullish Alt bat or bat pattern formation.
5. And finally and...
When looking at the bigger picture, we can see that bitcoin has formed a pennant.
A pennant is most likely to break out in the direction of the trend, wich is down at the moment.
Still a breakout in the other direction is possible.
The next opportunity to long is close, when we look at EW.
We have had 5 waves up, now followed by a correction (ABC).
Now btc is...