BTC broke the trendline formed since mid november

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broke the trendline formed since mid november. Upside potential of that sym. triangle would be right in the golden pocket area around $8700. Let's see if it has enough juice.

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We are currently most likely in the C wave of that whole structure. Keep in mind. The overall trend is still bearish until proven otherwise.

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Rising wedge with declining volume normally a bearish sign. Target if it breaks down would be in the low 7ks

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Bitcoin likes to go up during times the market tryes to short every move. It gets fuled by liquidations.

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Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout could mean change in trend)

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Bounce reached the 0.382 retracement. Taking some profits around that range off the table.

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Statistically, there is more often than not a pullback/consolidation below this Fibonacci line.

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But no clear rejection yet - time to keep an eye on the CME Futures 200 SMA on the daily - sitting above us at around $8469 - hitting this target could spark a sharper sell-off.

Interesting side note: the real 24h volume had exceeded $ 1 Billion for BTC - significantly higher than any of the „pumps“ before while going sideways and up - furthermore, BTC volume was also higher than its Tether pair which is a really rare thing

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Speaking of Tether. Right before our last leg up, their Market Cap grew by $500 million. Rising or falling Tether caps often preceed BTC pumps.

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Current Elliot Wave count if it’s a corrective counter trend move. C wave could be extended.

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Delphi just signaled the safe exit from the swing trade entered at 6.9k with leverage 3x. We’ll close 80% of our position for a gain of 51,69% and wait for the next swing signal in the upcoming weeks. 20% left if it decides to go higher to feed the “Fomo” (secured via stop loss in profit).

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Target area of the a head and shoulders pattern got hit perfectly.
Currently rejected at the 200d SMA on the Futures. Same applies to the pitchfork trendline. Furthermore funding on lower timeframes flipped for now. This usually occures when BTC corrects.Retracement to the Futures gap around 7.6k likely.

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#Bitcoin stopped for now on the 0.618 Fibonacci retracement & the 1.6 extension for the C wave. Usually, these levels are harder to overcome and more often than not gets rejected during downtrends there.

If it wants to go higher… expect a little bit of consolidation here.