Looks like an Elliott A-B-C-D-E pattern forming with the last leg(E) down to around $5800 before going to the m$$n (> $20000). This is the weekly chart so I'd expect this to take several months until we would have confirmation.
Short term. I'd hope we'd see some bullish retracement, look for counter trend line breaks on a 4h-daily chart higher and taking longer than this recent drop.
Using fibs, The measurement is from (A) to (B) - and then just eyeing up the same fib structure for (D) down to (E). Elliot waves should have the right "look"
Short term. I'd hope we'd see some bullish retracement, look for counter trend line breaks on a 4h-daily chart higher and taking longer than this recent drop.
Using fibs, The measurement is from (A) to (B) - and then just eyeing up the same fib structure for (D) down to (E). Elliot waves should have the right "look"
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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.