BTCUSD looking for a C wave down to fib and demand zone support
It is looking like BTC may be starting the c wave down to finish this correction.
Retraced approximately 85% of the move from highs in a 3 wave structure.
Hit 4 hour supply zone resistance with reaction.
There are 2 fibonacci measured move long setups below, with demand zones within the fib areas.
Also trendline support and recent all time high support within same region.
Looking at 42k-44k buy area, which has a fib target at 65328.
If the c wave goes lower, a larger fib setup is below with possible buy support at 39k-37k all the way to 34k. If this area trades, then the fib target is 67537.
I sold at 53930 looking to buy back at any of these areas.
Retraced approximately 85% of the move from highs in a 3 wave structure.
Hit 4 hour supply zone resistance with reaction.
There are 2 fibonacci measured move long setups below, with demand zones within the fib areas.
Also trendline support and recent all time high support within same region.
Looking at 42k-44k buy area, which has a fib target at 65328.
If the c wave goes lower, a larger fib setup is below with possible buy support at 39k-37k all the way to 34k. If this area trades, then the fib target is 67537.
I sold at 53930 looking to buy back at any of these areas.
double top is possible at least short term.
i am only in cash right now not short btc... i will possibly buy the breakout if conditions are right to get back in but would like to buy back lower