BTC short term retracement target and buy zone
I guess I am a crypto optimist and am gathering my resources to buy in again after BTC retraces into the low 6000s.
Summary, BTC showed some impressive strength to move from $5755 to $8500 quickly but has retraced deeply to between the 0.786 and 1.0 fib levels before forming a new impulse wave that rose from $5860 to $6647 over about 36 hours. We are now in wave C of an ABC correction.
Wave 3 of wave C (wave C always has 5 waves) is an extended wave and may reach the 1.618 wave 1 extension. If this happens, then wave 5 may reach the 2.618 wave 1 extension. I have put my buy zone between that level and the 100% extension of wave A (which also had 5 sub-waves). Wave C may even extend down to the 1.618 level of wave A (below the green box) but all is not lost.
If any of these levels area reached but then there is not an additional ABC correction to below $5755 then we are in for some mid-year bullishness with the move to $8500 being wave 1 in a new impulse wave that will make everyone forget the bear market. If $5755 holds then we can expect $8600+ in a week or two and $10,300+ soon afterwards.
If you are taking this opportunity to cost average into a position with discounted BTC and alts then you are among the smart money in the market. Good luck everyone, remember the bounce will be strong.
Summary, BTC showed some impressive strength to move from $5755 to $8500 quickly but has retraced deeply to between the 0.786 and 1.0 fib levels before forming a new impulse wave that rose from $5860 to $6647 over about 36 hours. We are now in wave C of an ABC correction.
Wave 3 of wave C (wave C always has 5 waves) is an extended wave and may reach the 1.618 wave 1 extension. If this happens, then wave 5 may reach the 2.618 wave 1 extension. I have put my buy zone between that level and the 100% extension of wave A (which also had 5 sub-waves). Wave C may even extend down to the 1.618 level of wave A (below the green box) but all is not lost.
If any of these levels area reached but then there is not an additional ABC correction to below $5755 then we are in for some mid-year bullishness with the move to $8500 being wave 1 in a new impulse wave that will make everyone forget the bear market. If $5755 holds then we can expect $8600+ in a week or two and $10,300+ soon afterwards.
If you are taking this opportunity to cost average into a position with discounted BTC and alts then you are among the smart money in the market. Good luck everyone, remember the bounce will be strong.
Nota
I am raising my expectations for the end of wave C. I now don't think we will see prices below $6200 after the drop (wave 5 of wave C) in a few hours.Ordine annullato
tradingview.com/chart/dEdelp6V/I wasn't trading the decline but rather setting up buy orders (that ended up being a little too optimistically low). It seems that buying support is taking the price higher and this is also reflected in a sharp reduction of people in a short position.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.