Utilizing Fibonacci and Elliot Wave may help give a clue as to where end point of the BTC sell off will be.
If we look at the fall from mid April then it looks like we may be in leg 4 - 5 of Elliot Wave cycle down and then when you apply a Fib retracement using the march 2020 low as the anchor then the 0.618 pull back line is getting close (~$27,300). Going a step further and applying a Fib channel to the chart we can see for the past 23 days we gave been trading perfectly inside one of these channel ranges. The channel we are in has roughly a $3,000 trading range that we are bouncing around in and if we continue within this channel then we will hit the 0.618 Fib retracement zone by 30th July a the earliest or else it would likely be within a week of that date.
If we do get down to the 0.618 Fib Retracement zone (roughly $27,300) then I'd be looking for strong support/consolidation here and a break out of this trading channel to the upside to confirm the end of the Elliot Wave cycle down.
Conclusion is long term there is only one direction that BTC going and I think majority agree on that, however I suspect there will be a little push lower and some consolidation before we see that euphoric rise everyone is waiting for.
**All just my personal opinion, please DYOR before parting with your cash**
If we look at the fall from mid April then it looks like we may be in leg 4 - 5 of Elliot Wave cycle down and then when you apply a Fib retracement using the march 2020 low as the anchor then the 0.618 pull back line is getting close (~$27,300). Going a step further and applying a Fib channel to the chart we can see for the past 23 days we gave been trading perfectly inside one of these channel ranges. The channel we are in has roughly a $3,000 trading range that we are bouncing around in and if we continue within this channel then we will hit the 0.618 Fib retracement zone by 30th July a the earliest or else it would likely be within a week of that date.
If we do get down to the 0.618 Fib Retracement zone (roughly $27,300) then I'd be looking for strong support/consolidation here and a break out of this trading channel to the upside to confirm the end of the Elliot Wave cycle down.
Conclusion is long term there is only one direction that BTC going and I think majority agree on that, however I suspect there will be a little push lower and some consolidation before we see that euphoric rise everyone is waiting for.
**All just my personal opinion, please DYOR before parting with your cash**
