BTCUSD retrace from 5350 to what? Bitcoin Support Zones to watch
Updated
Bitcon with a massive spike that shocked most traders including me.
Looks like a short-squeeze upon break of 4200, then fomo from there.
Also looks like a completed 5 wave Impulse, starting the ABC retrace.
Topped as predicted at the 4.236 of higher timeframe fib linked below.
Now we watch the retrace for clues: random spike? or start of uptrend?
This plot assumes a break of 5k round figure, which may not happen.
4825/35 bounce would be an amazingly bullish retrace.
4530/60 bounce would be exactly as can be expected.
4350/75 will be Bulls' Last Stand before risk of much doom.
The "4.236" mentioned above is from this plot:
Looks like a short-squeeze upon break of 4200, then fomo from there.
Also looks like a completed 5 wave Impulse, starting the ABC retrace.
Topped as predicted at the 4.236 of higher timeframe fib linked below.
Now we watch the retrace for clues: random spike? or start of uptrend?
This plot assumes a break of 5k round figure, which may not happen.
4825/35 bounce would be an amazingly bullish retrace.
4530/60 bounce would be exactly as can be expected.
4350/75 will be Bulls' Last Stand before risk of much doom.
The "4.236" mentioned above is from this plot:
Note
Finally looks like some progress on the retrace, with a confirmation of previous support which was later pierced Under the microscope (1min) this fib implies a wave down was completed, and price has returned to Impulse
.
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