Expecting $BTC to retrace to the previous trendline/Golden Pocket at $75xx
BTC Has been under HUGE resistance with this trendline, forming lower lows and lower highs.
There was a little rally and an attempt to break the 200 MA but it tested and failed.
With that rally we had im expecting some retracement and im thinking its going right back down to the trendline and is now going to form support there.
A retracement back down to the trendline (Around $7500) is very probable because 9/10 times resistance becomes support and vice-versa.
This trendline also happens to be exactly at the 61.8% Fib Range or the "Golden Pocket" where a lot of assets find S/R.
Additionally I have been a big fan of Elliott Waves and the impulse waves have come to an end with the 5th wave testing the 200ma.
I believe the correction waves will lead us straight to the trendline to form support and the Golden Pocket Fib Range.
BTC Has been under HUGE resistance with this trendline, forming lower lows and lower highs.
There was a little rally and an attempt to break the 200 MA but it tested and failed.
With that rally we had im expecting some retracement and im thinking its going right back down to the trendline and is now going to form support there.
A retracement back down to the trendline (Around $7500) is very probable because 9/10 times resistance becomes support and vice-versa.
This trendline also happens to be exactly at the 61.8% Fib Range or the "Golden Pocket" where a lot of assets find S/R.
Additionally I have been a big fan of Elliott Waves and the impulse waves have come to an end with the 5th wave testing the 200ma.
I believe the correction waves will lead us straight to the trendline to form support and the Golden Pocket Fib Range.
1st leg has retraced exactly to 61.8% (Golden Pocket) in both instances of the Elliott waves. Do not see it dropping any further before some bounce back and relief. Going to be closing my short position and possible going long. Watching closely.