BTCUSD UPDATE: Blue box area must hold to stay bullish...
We've come back down to test the resistance-turned-support blue box area of 9200-9500 in what is a completely normal and healthy correction that also coincides with the 0.382 fib retracement line, which you can see has given us major bounces in the past. This correction is even the same exact size (11%) as the prior correction that occurred before we broke up through the blue box resistance area.
If this blue box holds and confirms as support, we should continue our uptrend and complete the fifth wave of this Elliot count by hitting the 12k area in the first week of March.
However, if the blue box area fails as support - which could certainly happen (it's Bitcoin - anything could happen) - we will very likely be headed back down to test the 0.236 fib line at around 8200.
As a trader, you need to be prepared to trade either direction/scenario.
Cheers and happy trading.
If this blue box holds and confirms as support, we should continue our uptrend and complete the fifth wave of this Elliot count by hitting the 12k area in the first week of March.
However, if the blue box area fails as support - which could certainly happen (it's Bitcoin - anything could happen) - we will very likely be headed back down to test the 0.236 fib line at around 8200.
As a trader, you need to be prepared to trade either direction/scenario.
Cheers and happy trading.
