For my main count, hoping for a correction between 7620 and 7415 to accumulate before another impulse up starts. This is most probable. Indicators on all time frames show that they still SHOULD need to cool off before another significant upward move. If BTC corrects to this range and holds, targets are $8,250, $8,550, and $8900 for the full impulse wave.
That said, a second possibility has BTC forming a bullish triangle (in red). This would only be a .236 fibonacci retracement (happens only 5% of the time) where we touch triangle bottom twice more and form enough momentum to continue upward. Under this scenario, we'd likely gain enough momentum to push to $8,250. A strong rally to $8,250 could signal enough follow-through for a push to the mid $8,500's. This retracement would be unbelievably bullish, and is much less likely.
That said, a second possibility has BTC forming a bullish triangle (in red). This would only be a .236 fibonacci retracement (happens only 5% of the time) where we touch triangle bottom twice more and form enough momentum to continue upward. Under this scenario, we'd likely gain enough momentum to push to $8,250. A strong rally to $8,250 could signal enough follow-through for a push to the mid $8,500's. This retracement would be unbelievably bullish, and is much less likely.
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A bearish break below $7,200 invalidates this count entirely.
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BTC broke out of the bullish triangle. This was a huge move. Notice the 3 touches down and then sharp impulse up. I emphasize again, this was & is extremely bullish. All signs are pointing to $6,426 being the bottom on all time frames.
BTC broke out of the bullish triangle. This was a huge move. Notice the 3 touches down and then sharp impulse up. I emphasize again, this was & is extremely bullish. All signs are pointing to $6,426 being the bottom on all time frames.
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With $6,000.01 being the yearly bottom from February 6th.