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We've seen bitcoin pump today, but is it out of the unsafe waters? Not even close. Just next to the big downtrend line and the FIB retracement level, with RSI oversold on multiple levels, it's hard to say that bulls have taken over Bitcoin. We have strong support around 8300, and bears would completely take over if that line is broken. Bulls are fighting right now, but the battle can be considered won only after 11700-11800. So far it's a very unclear and an unsafe zone to trade.
As far as the last Elliot wave, it's yet unclear whether ABC retracement is the small or the big one. It can be either one of these
We've seen bitcoin pump today, but is it out of the unsafe waters? Not even close. Just next to the big downtrend line and the FIB retracement level, with RSI oversold on multiple levels, it's hard to say that bulls have taken over Bitcoin. We have strong support around 8300, and bears would completely take over if that line is broken. Bulls are fighting right now, but the battle can be considered won only after 11700-11800. So far it's a very unclear and an unsafe zone to trade.
As far as the last Elliot wave, it's yet unclear whether ABC retracement is the small or the big one. It can be either one of these
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As predicted, as soon as it left the zone it plummeted.