BTC corrective wave ending, bounce expectedAfter two failed attempts to break the 10.000 resistance, the price got rejected quite hard and a correction to the downside was inevitable.
What we see here is that the price is now forming a falling wedge bullish reversal pattern, indicating the sellers are slowing down, which usually happens right before a bounce.
There are now new resistances formed above, which were old supports that got broken. We will use those as the targets for this move.
The fact that there will be a bounce does not mean that it's going to make it all the way up to 10k again though. It is possible, yes, but for now, I see it more as a natural corrective wave upwards, after a big fall. If the momentum picks up, and the move up becomes strong and sustained, then yes, 10k, and even my old target of 10200-10400 is in cards. But let's not get ahead of ourselves for now.
The confirmation for this trade is the breakout of the wedge.
Targets:
1. 9340
2. 9470
3. 9587
4. 9749
As always, lock in partial profits at each of the targets, since the price may reverse at any of the resistances above.
