1D BTCUSDT,
Bigger picture: Bitcoin has formed a descending triangle, inside of it we could also notice that we have got an inverse head and shoulders pattern. On the small timeframe we could notice that on the last 8 days we have formed an Eliott wave corrective pattern, expecting our (A) corrective phase to end here at the demand zone of (Point of control) for this whole period since we tested the bottom. Which will take the price back up to the (B) Phase where we should be testing the CC Level (0.618 Fib) of the drop, testing that level cannot be promised tho, the pullback could be weak. But what I know is that our (C) Phase is going to end up around 19500.
Let the market generate more information for us before we take any actions, stay safe brothers! We will keep you updated.
Bigger picture: Bitcoin has formed a descending triangle, inside of it we could also notice that we have got an inverse head and shoulders pattern. On the small timeframe we could notice that on the last 8 days we have formed an Eliott wave corrective pattern, expecting our (A) corrective phase to end here at the demand zone of (Point of control) for this whole period since we tested the bottom. Which will take the price back up to the (B) Phase where we should be testing the CC Level (0.618 Fib) of the drop, testing that level cannot be promised tho, the pullback could be weak. But what I know is that our (C) Phase is going to end up around 19500.
Let the market generate more information for us before we take any actions, stay safe brothers! We will keep you updated.