$btc showed great strenght/momentum from <$4k to ~ $14 and we haven’t seen this kind of strenght ever since.
What does this tell us? The move upwards was most likely the longer current trend and the current downward movement is a correction.
This correction reached the 61.8% fib level, but as it’s a wave 2 it could reach new levels.
It’s actually not so relevant where the bottom will take place ($5.2k is the next level with the purple dotted line as intermediate, strong, support).
What is relevant to keep tracking when $btc breaks out of the current channel. An upward breakout would kick-off a new wave (3) up which should be stronger then the previous wave.
As long as $btc moves within it’s channel, an alternative (bearish) count is still valid so the risk/reward of open positions is much higher.
What does this tell us? The move upwards was most likely the longer current trend and the current downward movement is a correction.
This correction reached the 61.8% fib level, but as it’s a wave 2 it could reach new levels.
It’s actually not so relevant where the bottom will take place ($5.2k is the next level with the purple dotted line as intermediate, strong, support).
What is relevant to keep tracking when $btc breaks out of the current channel. An upward breakout would kick-off a new wave (3) up which should be stronger then the previous wave.
As long as $btc moves within it’s channel, an alternative (bearish) count is still valid so the risk/reward of open positions is much higher.
