It is looking like BTC may be starting the c wave down to finish this correction.
Retraced approximately 85% of the move from highs in a 3 wave structure.
Hit 4 hour supply zone resistance with reaction.
There are 2 fibonacci measured move long setups below, with demand zones within the fib areas.
Also trendline support and recent all time high support within same region.
Looking at 42k-44k buy area, which has a fib target at 65328.
If the c wave goes lower, a larger fib setup is below with possible buy support at 39k-37k all the way to 34k. If this area trades, then the fib target is 67537.
I sold at 53930 looking to buy back at any of these areas.
Retraced approximately 85% of the move from highs in a 3 wave structure.
Hit 4 hour supply zone resistance with reaction.
There are 2 fibonacci measured move long setups below, with demand zones within the fib areas.
Also trendline support and recent all time high support within same region.
Looking at 42k-44k buy area, which has a fib target at 65328.
If the c wave goes lower, a larger fib setup is below with possible buy support at 39k-37k all the way to 34k. If this area trades, then the fib target is 67537.
I sold at 53930 looking to buy back at any of these areas.
Note
watching closely here. this analysis is possible until the all time highs are broken.
double top is possible at least short term.
i am only in cash right now not short btc... i will possibly buy the breakout if conditions are right to get back in but would like to buy back lower
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Disclaimer
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.