BTC Forming a nice wedge. The very strong support at 10k makes me believe that this is the reversal. Refer to my previous charts.But where will it go?
I see a big reversal in play, breaking underneath the 200 MA and entering a bear market. Ive marked off the S/R lines where I think will be most prominent.
The GREY lines are previous S/R and the labelled trend lines are the 38% and 50% Fibonacci retracement of the entire initial wave. Once it breaks downwards out of this wedge. (And Passed the 200MA!!!) I believe it will crash down to 8.6k ish, show some movement around this area. And then possibly down to 7.5K. In my previous charts i mention it could fall to 6,5K which would be the GOLDEN POCKET Fib Range. But considering this is the ABC Correction waves, I don't think it will retrace back down that far. As the first correction wave of the Elliott formation doesn't usually retrace passed 50%.
Long Term View:
Note
If it wasn't already obvious we have reversed into a bear trend check out the MA "DEATH CROSS". The previous rejection of the death cross makes the move even stronger.
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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.