Imo i don't see this up leg as a wave 1 for a larger trendy wave. I feel like we are still in a correction and believe bitcoin will retest 2017 ATH (20k) before the new larger trend.
Key levels to watch
- 57k 0.786 FIB
- 21 Weekly EMA
- 34 Weekly EMA
almost perfectly touched 0.618, break below 46k will confirm the change in market structure and that could take the price down to 42-40k level to test out 21 and 34 weekly EMA. I see bearish divergence in the volume.
I'm paying a very close attention to 94.104 resistance, which looking at it on the monthly time, it's been acting as support and resistance many times. If we break yellow line resistance, next level is the white trend line.
BTC looking very weak imo, mega daily bullish divergence but still falling. If bitcoin doesn't hold weekly 1.618 FIB-X level, 61.80 support won't hold and i'm afraid the next main support is around 20k, 2017 ATH. Not financial advice, imo btc will remain below ATH this year unfortunately.
Dogecoin almost perfectly touched 78.60 fibs level, most likely the end of correction and we should start seeing impulsive waves. my first TP is around 1,30. Please don't hate me but imo i believe dogecoin will break ATH faster than Bitcoin.
We could get rejected around 61.80 or 78.60 , if not rejected 21 weekly EMA will most likely play as resistance. if we break 21W EMA then i was wrong and the correction is over, But if we get rejected my target is still around the 27k level.
This down move looks like a 3 wave move, most likely it's a counter trend move and not the trend, just a ABC correction going against the dominant trend. Imo we are going down to 27/25k level and that should be the end of the correction.