Bitcoin
Short

Bitcoin - Trend Line / Fib Retracement / Elliott Waves

Scenario A
  • 0.718 Fibonacci level from last bull trend (5.5k to 20k) is 8.5k.
  • Historical trend tine support (yellow line) matches Fib 0.718 at 8.5k.
  • 5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.

8.5k is likely to be tested before BTC can move to new highs.

Scenario B
  • If price action breaks the trend tine resistance (red line) and closes above it, BTC will probably shift and start a bull trend without testing 8.5k.
Bitcoin (Cryptocurrency)BTCUSDCryptocurrencyElliott WaveFibonacciSupport and Resistance

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