Hi all,
A little miserable as I missed my retrace target for those extra sats, but happy that we're finally seeing some interesting movements in the market.
Under my analysis we currently have two targets sitting at 8.5k, that is an also target at the -0.236, in addition to the 0.618 of this current impulse up.
A retrace between the 0.5 and 0.618 is common for a wave 1, so this seems like a likely next target, additionally we have a pitchfork, with 80% probability of return to the median line. I will be long from this area.
This is a little risky, as we have two potential scenarios here (as always with bitcoin).
Scenario A: This is a wave 1, a strong reaction at the 0.618 would signal to me that the target for a third wave is 14k.
Scenario B: We have just printed a C wave. Pushing through the 0.65 at 8400 would signal to me further lows are possible, with the 7-7400 zone the next immediate target.
TLDR: Check what happens at 8.5k
A little miserable as I missed my retrace target for those extra sats, but happy that we're finally seeing some interesting movements in the market.
Under my analysis we currently have two targets sitting at 8.5k, that is an also target at the -0.236, in addition to the 0.618 of this current impulse up.
A retrace between the 0.5 and 0.618 is common for a wave 1, so this seems like a likely next target, additionally we have a pitchfork, with 80% probability of return to the median line. I will be long from this area.
This is a little risky, as we have two potential scenarios here (as always with bitcoin).
Scenario A: This is a wave 1, a strong reaction at the 0.618 would signal to me that the target for a third wave is 14k.
Scenario B: We have just printed a C wave. Pushing through the 0.65 at 8400 would signal to me further lows are possible, with the 7-7400 zone the next immediate target.
TLDR: Check what happens at 8.5k
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