Typically would not expect a bounce from the lowest point of a correction to break the 61% if this was a B wave of a zig-zag. In BTCs case, it broke through and is currently consolidating just under on LTF. Highlighted earlier corrections for reference.
The potential for zig-zag, where the breakdown from 65K to 29K is the A, we're in a B wave now & will be going into a C wave with lower targets is highly unlikely with this break of the 61%.
There is potential for a triangle or a flat IF you believe in the 5th wave ending diagonal theory. I'm not one of those.
See earlier idea tagged for my take on the correction.
I'll be expecting a break up from here, and a break of the 50K local high very soon. Also not expecting any significant, deep corrections on the run up to 200k.
Could be wrong here, so this should not be considered as advice to buy or sell. Only sharing thoughts.
The potential for zig-zag, where the breakdown from 65K to 29K is the A, we're in a B wave now & will be going into a C wave with lower targets is highly unlikely with this break of the 61%.
There is potential for a triangle or a flat IF you believe in the 5th wave ending diagonal theory. I'm not one of those.
See earlier idea tagged for my take on the correction.
I'll be expecting a break up from here, and a break of the 50K local high very soon. Also not expecting any significant, deep corrections on the run up to 200k.
Could be wrong here, so this should not be considered as advice to buy or sell. Only sharing thoughts.
Comment:
Moment of truth here. After a break above the 61% last week, price is revisiting that same level now. $47,582 needs to hold on the daily.
Comment:
Hmm, lost the 61. Potential for range between 50-61%. If 50 is lost (around 43k) the next support level is prayer.
