As seen on Crypto Twitter, the recent ABCDE consolidation seems to be W4 of a 5 wave impulse. Today's break out of the triangle consolidation should be W5. Noticeable resistance, liquidity, and fibonacci extensions reside at two places:
1. 9800. This is 1.272 fib extension and resistance from late June
2. 10000. This is 1.618 extension and resistance from early June
Personally, I'm staring at 10k as the target. In a 5 wave impulse, either W3 or W5 is longer than the other impulse waves. So far W1 and W3 are about the same length, so maybe W5 is the longer impulse. In addition, 1.618 extensions are very common...
Potential Long Opportunity:
Wait for the break out of the ABCDE consolidation to retest 9660 as support, and then long to 10k.
Entry: 9660
Stop Loss: 9560
Target: 10000
1. 9800. This is 1.272 fib extension and resistance from late June
2. 10000. This is 1.618 extension and resistance from early June
Personally, I'm staring at 10k as the target. In a 5 wave impulse, either W3 or W5 is longer than the other impulse waves. So far W1 and W3 are about the same length, so maybe W5 is the longer impulse. In addition, 1.618 extensions are very common...
Potential Long Opportunity:
Wait for the break out of the ABCDE consolidation to retest 9660 as support, and then long to 10k.
Entry: 9660
Stop Loss: 9560
Target: 10000