BTC/USD reached $60,000 last week and a small correction was definitely expected. If you look at my previous analysis on Bitcoin, you can see that BTC/USD reached our target ($60,000) with an ascending channel and very slow momentum. We knew that it will break the ascending channel to retest the previous wave IV of 3 which is a very strong support zone ($54,000 zone).
Not breaking the $54,000 zone with a daily candle close will push BTC/USD for wave 5 of 5 of big 5 (If you look at the grand cycle) to reach the 78.6% Fibonacci Extension level ($65,000) as a first target. Our second target will be the 100% Fibonacci Extension level ($68,500) if managed to break the $65,000 level.
I think that we may see a deep correction towards the $46,500 level again after finishing with wave 5 for a strong retest before continuing its way up for new all-time highs.
Not breaking the $54,000 zone with a daily candle close will push BTC/USD for wave 5 of 5 of big 5 (If you look at the grand cycle) to reach the 78.6% Fibonacci Extension level ($65,000) as a first target. Our second target will be the 100% Fibonacci Extension level ($68,500) if managed to break the $65,000 level.
I think that we may see a deep correction towards the $46,500 level again after finishing with wave 5 for a strong retest before continuing its way up for new all-time highs.
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.
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.