As you can see, BTC has just finished a classic ABC correction move following a much larger 12345 Elliot impulse down in a bear trend.
I expect some sideways consolidation and a nice battle between bulls and bears.
It's hard to make a solid prediction up versus down at this time, but what is likely is whichever bias is chosen it's really going to take off quickly.
If BTC moves up, it will reach another critical decision around the 9.5-9.6 k range. Bulish movement up beyond here would tend to confirm an official reversal. It could also be rejected from this level back to its dynamic sloping support.
If BTC moves down, it could restart a new bearish impulse supercycle downward, testing the bottom to form U-shaped double-bottom or perhaps a more violent lower-low with a V-shape.
Time will tell! Either way, should be fun to watch the King as usual :)
This is for education and speculative purposes only and is not meant to serve in any way as investment or trading advice for any financial means.
I expect some sideways consolidation and a nice battle between bulls and bears.
It's hard to make a solid prediction up versus down at this time, but what is likely is whichever bias is chosen it's really going to take off quickly.
If BTC moves up, it will reach another critical decision around the 9.5-9.6 k range. Bulish movement up beyond here would tend to confirm an official reversal. It could also be rejected from this level back to its dynamic sloping support.
If BTC moves down, it could restart a new bearish impulse supercycle downward, testing the bottom to form U-shaped double-bottom or perhaps a more violent lower-low with a V-shape.
Time will tell! Either way, should be fun to watch the King as usual :)
This is for education and speculative purposes only and is not meant to serve in any way as investment or trading advice for any financial means.