Here's what needs to happen for Bitcoin To Go to 23k.
We've got some clear levels on bitcoin that have presented themselves that will determine further downside to new lows or make a reversal back towards 48/50k zone.
First, we've created a pretty decent 5 wave move down that is likely the start of something, such as a wave 1 that I have labeled here.
The retracement for wave 2 should stay under the .618 fib given the other price action confluence there as well, such as trendline resistance, and supply zone of the break down. This confluence keeps us under 38.2k.
If we go above that probability drastically decreases for this bearish scenario. If we see a hard rejection from there and stay under this range then we will likely head to new lows sub 30k.
If we break straight up from here it will make this 'wave 1' a truncated 5th wave instead and we'll look for an abc recovery back to 48/50k zone.
Keep it simple.
See the signature to learn more.
First, we've created a pretty decent 5 wave move down that is likely the start of something, such as a wave 1 that I have labeled here.
The retracement for wave 2 should stay under the .618 fib given the other price action confluence there as well, such as trendline resistance, and supply zone of the break down. This confluence keeps us under 38.2k.
If we go above that probability drastically decreases for this bearish scenario. If we see a hard rejection from there and stay under this range then we will likely head to new lows sub 30k.
If we break straight up from here it will make this 'wave 1' a truncated 5th wave instead and we'll look for an abc recovery back to 48/50k zone.
Keep it simple.
See the signature to learn more.