Summary:
Bitcoin price action has been in correction for the past few days and the retracement has been in the exact path as we expected (previous post). Price is between full swing 50% and 61% fib and holding a major support at 8370ish level. I did not expect the price to break the long term support trend line but to consolidate for a while and test the trendline again at lower levels, anyways we did see a 4 hr candle close below this trend line with a bull wick which gives some confident about this support zone.
We should see this support zone hold and price make higher high and move back above the trend line and make it support zone again. Volume has been flowing in at this levels (and is more than the volume we saw at 6k lows) and MACD might cross over to the upside. If we consider this retracement as correction wave C, we have completed the 5 subwaves in it.
We do not want to see the price go below the 78% fib level of the full swing which is 7500-7100 ish level to keep the uptrend 17k target in play.
Probable path for Bullish trend to continue from here
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
