Bitcoin at key resistance area

COINBASE:BTCUSD   Bitcoin / Dollar
Area we're looking at
  • Previous 27th december high of $16490
  • .618 retrace of 17/12 -> 22/12 fall
  • Near term end of 5th wave? Parallel channel connected off 1st-3rd/2nd-4th waves seem to indicate it
  • .1 extension off 2nd - 3rd - 4th wave
  • Rsi nearing 80
  • Medium term Channel high at ~17k
Kommentar: 2 tests at breaking this parallel channel/17k level properly.
Need momentum/volume for a clean break like previously on 5th jan and 2nd jan
Kommentar: Dipping down towards elliott wave channel
Kommentar: On way back to retest previous support
Try to make the chart easier to read. I personally like all the bells and whistles but it is a bit cluttered
Chalfie24 TStolpe29
@TStolpe29, Fair enough, just wanted to zoom out for the full picture
TStolpe29 Chalfie24
@Chalfie24, still a great chart!
Good work - thank you for your efforts and for sharing. Is it reasonable to derive a retrace to 15520 off the resistance at 17k? Another tip incoming for you tomorrow BTW :-)
Chalfie24 tigerpause
@tigerpause, Assuming we've formed a short term top here I want to see what pattern starts forming. Move towards bottom of channel could be possible or even retest of triangle breakout
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