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@EliteElliott

Is BTC about to Surprise as all?

I know what you guys are thinking. The sky is falling, it's all Doom and Gloom and BTC is going to Zero, but before we start Panicking and start selling everything, let's look at the chart.


-When we draw the Fib. Extension tool from the beginning of the Uptrend we can see that the 0.618 Fib. Level lines up almost perfectly whit the Support Level between 7200-7400. The Price did not get all the way down to 7200, but when we are determining these Support Levels, we need to think in terms of Zones and not lines.


-The Correction that has started on the 26th of June can be labelled as WXY, where wave Y has reached a 1to1 Ratio when measured against wave W and X( using Trend Based Fib. Extension tool). This could mark the end of the Correction.


-On the Daily Time frame, an RSI Divergence has appeared as well. This could be a Huge sing because the last time this has happened on the chart, BTC ended the Downtrend in December 2018. 


Now all this does not mean that BTC is about to MOON tomorrow, coz there are numerous Bearish sings as well, but we need to stay sharp and not get caught off-guard when BTC decides to make a move. 


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Comments

By OG

While everyone (me included) was expecting 6.4K, your analysis was spot on. Congrats!