BTC Possible retracement-further correction targets
Now we have full 5waves down into A and we go up in 3 waves into B.
If we measure wave A and biggest correcting move (4) we have a nice confluence zone at 0.5fib and 1.41 in between waves 1 and 4. It is also our previous high around 9200 so a nice spot to find a resistance here.
If we reach that B target we can go further down to C and we have there another confluence of 1.27 and 0.7 fibs at 8480 - But let's first finish for B wave to form.
After C is done we will have big IV finished and we will try to break previous high over 10k.
Current R:R is poor, better to wait for B wave to finish to short BTC, or after C is done to get long.
Shorting BTC is unethical for me because I am a bitcoin believer.
If we measure wave A and biggest correcting move (4) we have a nice confluence zone at 0.5fib and 1.41 in between waves 1 and 4. It is also our previous high around 9200 so a nice spot to find a resistance here.
If we reach that B target we can go further down to C and we have there another confluence of 1.27 and 0.7 fibs at 8480 - But let's first finish for B wave to form.
After C is done we will have big IV finished and we will try to break previous high over 10k.
Current R:R is poor, better to wait for B wave to finish to short BTC, or after C is done to get long.
Shorting BTC is unethical for me because I am a bitcoin believer.
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