Not taking into account the fundamental side, we can consider this dump as a correction and nothing more. There are two major supports from where $BTC can return upwards: $7850 and $7650 and breakout the resistance of $7900, which will lead to the growth upwards.
More likely, the support of $7850 won't hold so the price will decline to the second support, but from there we expect to see a growth, according to the chart we see. So, local priority is slightly bearish, but overall is still bullish.
More likely, the support of $7850 won't hold so the price will decline to the second support, but from there we expect to see a growth, according to the chart we see. So, local priority is slightly bearish, but overall is still bullish.
評論:
Going upward, the plan is successful
評論:
BTC UPDATE
The price continues growing and reached the mentioned resistance of $8160. Today we have already took hold above the B point of the previous ABC correction, therefore we absorb the first half of the downward movement.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart, $BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
The price continues growing and reached the mentioned resistance of $8160. Today we have already took hold above the B point of the previous ABC correction, therefore we absorb the first half of the downward movement.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart, $BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
And finally the price went to the crucial level of $7700. It is still early to open any LONG position there, as we don't see a positive reaction to this level. The next strong support is located very close, at the $7650 level, there we will also need to look for any reversal pattern or positive reaction to the level.
If the $7650 level doesn't hold the bears' pressure, we can expect the price to hit $7500, where we won't talk about opening LONG anymore. There we will expect a small upward correction and continuation of downward movements, the trend will be changed.