Bitcoin - Short Term Structure & EW
Updated
Bitcoin has just broken down from the rising wedge . On this chart we have potential Elliot Wave count - likely an expanded flat correction - ideal buy zone would be around 3962 - 4050 (retest of W4 / major Fibonacci extensions and zone of interest according to volume profile). Wave behaviour can be predicted by applying the Fib tool on the latest swing low and high - golden extensions: 1.618, 2.618, 2.618 are potential resistance zones and usually are good for shorting or longing. Failure to hold 4K level will likely result in 3560 - 3750 retest or another total breakdown.
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