Long

Bitcoin. Why so slow?

I don't know how much wave 2 will retrace for wave 1 but it did break the 0.382 fib level around $8,465 so I am expecting it to drop to 0.5 ($8,244) or 0.618 ($8,024) levels. Many traders had been targeting their first waves to reach much higher around $10,000, instead it only attempted to break $9,000 region that is acting as a hard resistance now, several times but failed. According to the Elliott wave theory, wave 1 is usually the shortest impulsive wave. Also, wave 2 can retrace up to 100% of the wave 1, which means as long as it doesn't go below $7,250, we are still on a bullrun. However, if it breaks the 100% level, we might have to face the wxyz correction, the $4,000 scenario.

Some of the key resistance/support regions (red) that we should be considering.

Tommy_Trader

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