Its hit one of the fib. levels in the channel I have derived back from the descending triangle from the 14K formation (refer to previous posts).
Approx. 7400. I would expect another retest at around here before stabling and moving up for another round of sideways movements.
One can observe the blue vertical height of the descending triangle equates to the height of the drop as well.
Overall view. Note the support equates to the May-June support area as well.

Approx. 7400. I would expect another retest at around here before stabling and moving up for another round of sideways movements.
One can observe the blue vertical height of the descending triangle equates to the height of the drop as well.
Overall view. Note the support equates to the May-June support area as well.
Note
Even though there is a bullish divergence on the 1 hrly and a bullish wedge, I feel it will drop to the next fib level of 7230 on my chart. I think here will be a better bounce than we had at the 7400 range (wick hit 7300 and went up to 7500, difficult to get if your not watching. I played it safe and exited with $50 gain per coin. Not worth the risk.Note
Ahh. forgot to mention, the above wave is based on Elliott Wave - Expanded 8 wave bearish cycle. I just know some basics and when I was going over them, I noticed the pattern matching BTC on the 15 min. Hence I went with it. Need to know my Elliott wave much better, need to spend more time on them so it prevents me making mistakes or makes me aware of the potential move. Cheers.Note
Who was to expect such a big move in a short time. I'm still a student of the game, trying to rack up many hours for experience.
This move, I don't think anyone could have imagined such a move.
Volatility is now back and opportunity as well. But be careful because there could be daily moves but it doesn't mean trend has changed.
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.