Bitcoin - Trend Line / Fib Retracement / Elliott Waves
Scenario A
8.5k is likely to be tested before BTC can move to new highs.
Scenario B
- 0.718 Fibonacci level from last bull trend (5.5k to 20k) is 8.5k.
- Historical trend tine support (yellow line) matches Fib 0.718 at 8.5k.
- 5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.
8.5k is likely to be tested before BTC can move to new highs.
Scenario B
- If price action breaks the trend tine resistance (red line) and closes above it, BTC will probably shift and start a bull trend without testing 8.5k.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.