Today we finished the corrective triangle in a ABCDE way with a break upwards. This confirms the bullish signs we seen the last 2 days. But patience is the key. We are in a area of resistance and a break down can come without warning. From an elliot wave count we may have completed wave 1 and 2 and are now in wave 3. Wave 3 usually gets us 1.618 of wave 1 which will bring us to a line of resistance at 6,562 usd. From here we see a corrective wave 4 which can turn around into wave 5 at the 3 different levels shown in the 30 minute chart. The most likely is the lower support at 6,305 usd as this is the 0.618 fib level.
Here the one hour chart:
We can see its very hard to say where one area of resistance is ending and where the next one is starting. They go hand in hand. As there is so much resistance on the move up to break 6,850 usd, there is a big risk that we might gonna see a bigger ABC correction in the black wave 2 which can bring us back anytime soon to retest the 5,800 level. I am getting more bullish but do not enter the marked as long as we not break resistance at 6,850 usd as the risk is too high for me. I am patiently waiting for BTC gaining more strength. We are not missing out anything..
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