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.
meesk yolohomonomo
@yolohomonomo, We tested the trend resistance line (red line) and went shortly above it, but as expected the price action was rejected.
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.
Best analysis on this so far!
meesk RoadTo23Million
@RoadTo23Million, Thank you very much!!
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