Bitcoin now bouncing downward on the last leg of an Elliot Correction Wave. The bounce will come off of the 7700-7800 level or break through and bounce off the 7400-7500 level as both price levels indicate large volume profiles (especially 7400 level).
These levels also coincide with the top of the descending trendline, adding more relevancy of a bounce off the 7400 price level.
Will keep this chart updated once the bounce has completed.
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Next huge psychological levels....Tha Big 10k!!!
Fingers crossed for a massive breakthrough past this level, but I highly doubt that will happen on the first attempt.
These levels also coincide with the top of the descending trendline, adding more relevancy of a bounce off the 7400 price level.
Will keep this chart updated once the bounce has completed.
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Next huge psychological levels....Tha Big 10k!!!
Fingers crossed for a massive breakthrough past this level, but I highly doubt that will happen on the first attempt.
Note
Looks like we have a completion of a triple top, along with confirmation of a full bodied red candle on the 1hr/4hr charts. Look for a bounce off support around the 7800 or 7400 levels. Trade closed manually
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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.