BTTUSD forming AB=CD to 6500 ? BitTorrent support Zones to watch

BitTorrent got off to an explosive start on Binance.
The wave up had a very well defined Fib Series (blue).
The 9.618 is a very common end to explosive waves.

The first retrace (A) followed the same Fib perfectly.
But the bounce (B) was not so locked into blue Fib.
Last leg (C) might be developing a new Fib (red).

Thus I have plotted some of the confluence zones.
I will be watching each zone for possible bounce.
I am expecting an AB=CD completion around 6500.

評論:

Approaching first possible support

Zoomed in we see the 4.618 was pierced, and now maybe resistance

also note the confirmed relevance of the 5.236 above.

This first support zone , 83xx, may be good for a scalp but I would not expect uptrend to start here. But let us observe the upcoming reaction, and try to collect more info about the velocity of this move.

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評論:

Fib of current leg

the 5.236 can end waves. But just above, we see that it took the 4.618 go create significant bounce, I expect the 5.618 to more important than the 5.236.

Zoomed out a bit more to show the relevance of my Green zone

This last red stripe fib had not established when I first posted the Idea. But now it has confirmed the relevance to the green zone, and added one more reason for price to go there.

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評論:

Approaching first possible support zone

and already showing some levitation effect - a good sign.

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評論:

Might fire a small long if this blue 4.618 breaks before the red 5.236 breaks again

評論:

Decision Time

評論:

Decision was Down I guess

Now are in the first support zone, bulls have just a wee bit more to give before they must hold ...

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評論:

Here we are Still at first possible support zone

Close-up of the reaction at top boundary

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評論:

Might be building velocity here of the support zone

評論:

Nice, red 1.618 to red 1.382

picture perfect jump to next energy band. And confirmation that red fib is taking control. BUT also means more down imo

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評論:

if BTT gets past 9150 ish, that may invalidate my lower low thoughts

評論:

approaching serious resistance

break of that would be impressive

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評論:

ouch, BTT sure noticed that resistance

but not down for the count imo

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評論:

still looking pretty good

but bulls need to break and hold the blue 4.618 without testing the red 1.382

評論:

Nice

will have to redo fib here soon for bigger scale but looking good

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評論:

starting to close my BTT longs here,

that blue 9.618 and red 1.618 at 9500 will cause a pullback (or likely) so emptying my bag looking to buy back lower

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評論:

And Beat Goes on.

If bulls hold Band 7 and get past band 8, then next wave up I expect retrace to band 6 at least, perhaps band 4

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評論:

if BTT is going to pull off this ABC,

then we should see a strong leg down here soon for (3) of final 12345

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評論:

Updated on 15min chart: ping of 2.236 first then 2.618 would have been more bull, rather that in this order

BUT the original Impulse zone being defended well means significant buying power still remains. But need to get past the 2.618 and NOT test the Impulse zone again.

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評論:

PERFECT defense of the 1.236

looks like another wave up inbound.

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