BTC correction support and resistance

BTC had reached the top based on the two lows on 21-Nov-2022 and 11-Mar-2024.

If we use the price 15,476 as a reference to project an angle 3 x 15.476 ~= 46.44 degree (you may also use a 45 degree), as well, using the price 38,555 to project 1.5 x 38.555 ~= 57.83 degree, they both formed a major resistance of this BTC swing. We may find support at levels using 2x and 1x the angles projected from the 2 BTC low on the chart.

Trade active

(Correction) The second low date should be 23-Jan-2024.

Also 2.618x - 2.5x the first low should also be able to find some supports.

Trade closed: target reached

BTC has reached a top at the 45 degree angle of the first low 15,476 and is now supported by the angle 1.382x 38.555 of the second low. BTC seems to have completed a 5 waves up and may correct to the low of the fourth wave of one lesser degree. Should BTC breaks down the 1.382x, it should "bounce" at 1x and 0.5x of 38.555 angles. Also, if I am not mistaken there should be some high price actions around the vertical lines (dates) on the chart.

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Corrected the vertical lines (dates), and added supporting "bounce" levels on the BTC chart.

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Currently, BTC is holding up above the support line of the 49 degree angle from the low on 5-Aug.

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I think that BTC will go down while it is approaching the 45 degree of the circle (highlighted in red). BTC may 'bounce' up at the support line but the trend is still going to go down.

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In the mean time, there are also two planetary conjunctions happening.

Els01

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Els01