Zooming into Big Wave (4), BTC/USD ended its big ABC correction to the upside with 5 waves up inside big wave C. Using Fibonacci Extension from wave ii to wave iii to wave iv, we can see that Bitcoin didn't manage to break above $42,000 which is a critical level for BTC and also the 100% Fibonacci Extension.
Not breaking above $42,000 towards the 161.8% Fibonacci Extension could signal the end of the upside corrective cycle and the start of Big Wave 5 to the downside to targeting new lows for this year.
Our first target is $28,500 which is the bottom of this whole consolidation phase. Breaking $28,500 will push BTC for more downside towards $22,000 and $18,000.
Check my Grand Cycle Analysis called "Are you waiting for the Right dip" to see the bigger picture.
Not breaking above $42,000 towards the 161.8% Fibonacci Extension could signal the end of the upside corrective cycle and the start of Big Wave 5 to the downside to targeting new lows for this year.
Our first target is $28,500 which is the bottom of this whole consolidation phase. Breaking $28,500 will push BTC for more downside towards $22,000 and $18,000.
Check my Grand Cycle Analysis called "Are you waiting for the Right dip" to see the bigger picture.
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Related publications
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.