Here we have an overview of bitcoin's performance. Since January, BTC has started a downward journey due to its correction. Assumingly, an ABCDE type of correction has been formed which is fitting in a descending triangle pattern.
Major Support and Resistance areas have been drawn where the support line coincides with 0.786 Fibonacci level. Moreover, you can observe the sub-waves of ABCDE. Potentially, Wave E can re-test the support area again.
The key element is when we are going to test the resistance which is at 8900 - 9100 $, If we successfully break above this range, we can confirm an uptrend to higher highs.
Let me know your thought in the comments!
Major Support and Resistance areas have been drawn where the support line coincides with 0.786 Fibonacci level. Moreover, you can observe the sub-waves of ABCDE. Potentially, Wave E can re-test the support area again.
The key element is when we are going to test the resistance which is at 8900 - 9100 $, If we successfully break above this range, we can confirm an uptrend to higher highs.
Let me know your thought in the comments!