When doing my daily analysis on BTC, i noticed that the intial resistance from 5000, could potentially be a valid support in the future.
After that i drew an ABC pattern, starting from the pump all the way up to 8,5k. We went down to 5,8k then hit the 0.618 extension at 7400.
Would this then mean that we have a potential C wave coming?
By drawing the extension of the A-B wave, i noticed that C that usually ends at 1. fib at the price of 5.000, which was the previous resistance as mentioned before.
I came to think if this is just a coincidence, and we have a final shakeout coming before going up?
The other theory i have is that this zone could be an accumulation zone, and after breaking the triangle upwards, we would go all the way to 7,5k.
After that i drew an ABC pattern, starting from the pump all the way up to 8,5k. We went down to 5,8k then hit the 0.618 extension at 7400.
Would this then mean that we have a potential C wave coming?
By drawing the extension of the A-B wave, i noticed that C that usually ends at 1. fib at the price of 5.000, which was the previous resistance as mentioned before.
I came to think if this is just a coincidence, and we have a final shakeout coming before going up?
The other theory i have is that this zone could be an accumulation zone, and after breaking the triangle upwards, we would go all the way to 7,5k.
So i recommend going Long now around 6250 with the first target at 7400.
Also i would place flip position to short from 6180, which is below the fib 0.786 level (if it reached that) with the taget at 5900.