What Elliott Waves and Fibonacci Patterns Suggest? Analyzing the previous waves, some patterns are noticeable. The Supercycle 1st wave reached a high of 70k. Now we are observing a powerful 3rd wave?
Above 30k countertrend to be continued. The 36-40k zone is a resistance zone and a local target for bulls. Longs @dips.
Another bearish attempt to push the price down to 12...13k is possible, but for a short time. Bears still reign below 20k. Only after the price rises above 21500, the bulls can develop a price bounce to 28k. The sell-off seems to have expired, and at 13k a symmetric Elliott Wave pattern ABC would be completed.
Above 46k opens way to 56k (fib 0,618 and higher). Below 38k expected drop to the 30k low.
Strong support at 40k did not withstand. Below 40k bears are targeting to 30k and even 24k. Only above 44k bulls will revive.
Some rebound expected. But only above 52k opens way to ATH.
At 4h TF, bulls are aiming to break the high of 52800. A move above 52800 opens the way to a 60k + high. A drop to 46k will result in a drop to 40k.
Strong support in the area 52...54k. There were also 5 waves down and we should see a bounce.
Well well well, new ATH 66k+ :) So... Bulls still on track of the Wave 3. Longs @dips.
...We see the wave 3? Have you ever heard about Elliot Waves? Longs @dips.
Above 45k eyes on 50k and may be to 53k+ later. The return to 42k opens way to the deeper retrace, targeting 36k area.
A strong resistance in the 0.618 ... 0.764 Fib range has been achieved.
Some retrace expected, BTC still bullish above 32k. Returning to 41k opens the door to a 52k high. A fall to old support of 30k means the open way to 25k or even to 22k lows.
Price comes to the 0.618 support area, but the bottom of the retrace may be in a fairly wide area (green rectangle). Most likely at 29 ... 24k.
What happens next will be determined by the price rebound: below 41k expected 12345 pattern fulfillment (targeting to 26...22k). A price rise above 43k will confirm the ABC (part 123) correction pattern (targeting to 46...47k).
If price will bounce up to 52-53k, there is a high probability the bottom of the correction will remain at 46k+. Less likely - price drop to the 42k.
What was expected happened. Will there be a second fall, we will see in the near future. Be prepared to buy at 43k.