- 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 supposed to happen to finish the cycle and shift to new bull trend.
- 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.
We now need to watch if the 5th and final Elliott Wave will be fully realized. If it is, Target price should be in the range of $7k to $8.5k.