BTC getting out of this correction? Here is a RoadmapRoadmap to get us out of this correction (ideal setup) & Next key pricelevels to watch.
If we hold 7040$ (preferably, or else 6425$) the bullish wave count is still in place.
Sure you could argue the retracement from 9990$ was bigger than anticipated but the bullish count has not been jeopardized as of yet.
Last update I said we might see a bounce from the 0,5 retracement level 8200$, which it did (up to 8884$) but it couldn't held that level soon after.
Next major resistances @8644$ -> 8884$
Next major supports @7040$ -> 6425$
Pricelevels
Bitcoin to 13000$ ?? Elliot Wave countBitcoin nailed the 0.5 retrace (from bottom to top) and is currently testing it's 0.618 and previous downwards channel resistance (previous support).
This bounce from 8200$ has been very very technical. Congratulations on this obvious Long position.
Wave 2 should be completed now (as long 8200$ is our bottom).
Wave 3 will head towards 13000$. That might take another month to play out.
Don't be fearful it's all part of a healthy correction.
Bitcoin next targets & Accumulation?Bitcoin is still following my previous chart nicely.
It has been in this upwards channel for the past 3 weeks. Until this channel is broken downwards I don't see any problems for the bulls.
I noticed the selling volume (after breaking minor supports, mostly in huge sellspikes) being bought up straight away by big players. And if theres no selling volume bitcoin slowly creeps up in price. That is why I think Bitcoin is still in a likely accumulation phase. My next target is towards 10500$ before retracing a bit (lower high @11700$).
Never get lost.I'm not trading COINBASE:BTCUSD or cryptos actively but "a chart is a chart" as my my master (he's called MightyOne) says.
This is how i draw price levels (Supply&Demand) over my charts:
1) Supply is a zone (it doesn't matter how you are drawing it) around the top aka 0% or 25% RET in this chart.
2) Demand is a zone (it doesn't matter how you are drawing it) around the bottom aka 100% or 75% RET in this chart.
3) The midpoint is the midpoint LOL! Use it to take profits or to push in your direction when price is moving away from the actual range.