This is just idea or should i say possible scenario, if i look at BTC in 1 year range, It could be, that this big January correction is just a ABC correction of a 1st big Wave, starting on July 2017.
In that angle, BTC is on 50% of ABC correction.
Just My Opinion
Support line at $10500-11000 is holding position, but there is not enough income to make a break out. The E point is running away, but days are counted.
There is a posible scenario which can hit the lower low with $8100 support line.
After nice correction, NEO made 1. Elliott impulse, about 50% correction and started 2nd wave. Potencial is 12,44%.
Entering point: 0.012122
1. Target: $152,11
2. Target: $167,14
RSI for next 30min is in good position.
We are getting to the end of the triangle soon. New posible way out is showing as a result of support line at $10500. If that holds, it could be the way out.
If that wont happend, we will see another fall to the next low support line and that should be the final step for new beginings.
BTC did not make a break out. I think that is a positive, because now he can do a big ABCDE correction to the end. At the end of the correction (point E) can fall in a good position. I see here 2 good points.
1st: Correction will fall on the first support line, which is about $8100. If that "defence" will hold, it could happen break out of the triangle.