BTC likely to have correction but will go as high as 8.6k
Hi,
BTC is slowly but steadily heading towards the aimed 8.6k. It has the downtrend line ahead, where a lot of resistance lies, but so far so good. The inverse h&s pattern and the projected elliott wave is well intact.
I do want to mention that there may be small corrections. We are about to face small corrections since buy volume is not as strong as we would like it to be while we approach the strong 8.4-5k resistance (though there is a bullish MACD cross). I don't expect the correction to be steep or violent - but since anything can go wrong, make sure to take in some profits and look for supports below.
When correction occurs, look for 8.15k level for immediate support. As you can see from the chart, EMA20 has not been necessarily a strong support. So it is possible that EMA20 is broken down and my projected elliott wave is after all no longer effective. However, EMA200 (7.9k level) has been relatively very stable and has never been broken down since the recent rally. It also is around the area where an inverse h&s pattern is invalidated. If 7.9k level breaks, that would signify a change in short-term trend. Support at the 7.5k level would be crucial to maintain the bullish trend.
Good luck and many thanks for reading!
BTC is slowly but steadily heading towards the aimed 8.6k. It has the downtrend line ahead, where a lot of resistance lies, but so far so good. The inverse h&s pattern and the projected elliott wave is well intact.
I do want to mention that there may be small corrections. We are about to face small corrections since buy volume is not as strong as we would like it to be while we approach the strong 8.4-5k resistance (though there is a bullish MACD cross). I don't expect the correction to be steep or violent - but since anything can go wrong, make sure to take in some profits and look for supports below.
When correction occurs, look for 8.15k level for immediate support. As you can see from the chart, EMA20 has not been necessarily a strong support. So it is possible that EMA20 is broken down and my projected elliott wave is after all no longer effective. However, EMA200 (7.9k level) has been relatively very stable and has never been broken down since the recent rally. It also is around the area where an inverse h&s pattern is invalidated. If 7.9k level breaks, that would signify a change in short-term trend. Support at the 7.5k level would be crucial to maintain the bullish trend.
Good luck and many thanks for reading!
Trade active:
So far so good!
