After charting out two possible Elliott Wave formations, I believe we are either on wave 2, or wave 4 of 3. Regardless, the 0.236 Fibonacci retrace lies right at the weekly support. Throughout bitcoins's historical price action, a 0.236 retrace seems reasonable. Given the confluence of these two possible wave counts and the weekly support, laddering in down to $38,173.73 seems like a reasonable entry.
Note
Bear with me since I have been on a year break from Elliott Wave, so I am still getting into the swing of things (no pun intended😁) but one other possibility is a move up to $50-$60k due to a running flat, see attached chart: Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.