From using Fibonacci retracement, Extension and Elliott Waves, this is how I see Bitcoin playing out over the next week. Perfect setup for squeezing the absurd amount of bottom shorters(who opens a short on a support level?!). My targets also coincide with horizontal supports and resistances.
As wave 2 has retracted little, (though there is the possibility it retraces more, to even say $6000 the 0.786 fib) wave 4 will normally retrace more.
$5800/6000 is a massive support, it's going to be a big ask to take it down. Although I do believe it will fall, the amount of shorts that opened on the bottom(+25%), right on support, are just asking to be liquidated, before we might see a bigger move down.
Short term - Bullish
Medium term - Bearish
Long term - Bullish
As wave 2 has retracted little, (though there is the possibility it retraces more, to even say $6000 the 0.786 fib) wave 4 will normally retrace more.
$5800/6000 is a massive support, it's going to be a big ask to take it down. Although I do believe it will fall, the amount of shorts that opened on the bottom(+25%), right on support, are just asking to be liquidated, before we might see a bigger move down.
Short term - Bullish
Medium term - Bearish
Long term - Bullish
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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.