BTC: Correction low still in the 37.5k-38.5k range
Despite the BTC consolidation drifting through the resistance of the initial descending wedge pattern, I am still of the view that we will have a final leg lower to the 37.5k-38.5k range before a continuation of the bull-run. As illustrated on the chart, BTC is in a potential descending channel and the support at points A and B are still valid. As a reminder of my previous post:
- Point A: 38.3k is the 0.618 retracement of the July-September rally
- Point B: 37.5K is the 100% Fibonacci extension of the 1st leg lower by BTC (indicative of an ABC Elliot Wave correction)
As such, I remain short until BTC reaches 38k or 41k, depending on price action. A break above 48k will negate this trade plan.
- Point A: 38.3k is the 0.618 retracement of the July-September rally
- Point B: 37.5K is the 100% Fibonacci extension of the 1st leg lower by BTC (indicative of an ABC Elliot Wave correction)
As such, I remain short until BTC reaches 38k or 41k, depending on price action. A break above 48k will negate this trade plan.
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