BTC descending triangle
Updated
Since the high in December, BTC has tested the 0.382 fib retracement twice, and failed twice. Confirming bear trend.
Been testing the upper limit of a descending triangle since then. Right now we should be headed to high 6k's (~6.7k) to find bottom again. After support is found, we can attempt to break the triangle once more and head back to the 0.382 retracement!
Been testing the upper limit of a descending triangle since then. Right now we should be headed to high 6k's (~6.7k) to find bottom again. After support is found, we can attempt to break the triangle once more and head back to the 0.382 retracement!
Trade active
We are still steadily declining on very low volume.All in all this sets us up for a perfect launch as we head into June! Low RSI, perfectly completed descending triangle with 5 elliot correction waves.
Remember that a support is not a hard line but more of a zone, I reckon we will bottom out between 6,5k and 6,9k. At any moment below 7k we could see the beginning of an impulse wave. This impulse should test and break the upside up the triangle (roughly 8k) to confirm breakout!
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