Bitcoin - Trend Line / Fib Retracement / Elliott Waves

Scenario A

• 0.718 Fibonacci level from last bull trend (5.5k to 20k) is 8.5k.
• Historical trend tine support (yellow line) matches Fib 0.718 at 8.5k.
• 5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.
  

8.5k is likely to be tested before BTC can move to new highs.

Scenario B

• If price action breaks the trend tine resistance (red line) and closes above it, BTC will probably shift and start a bull trend without testing 8.5k.