Btc nearing support at 6000 If it bounces off support and breaks up thru resistance channel then that augers well for the start of the third wave of an Elliot 5-Wave uptrend. Bouncing off the 6000 support rather than breaking down thru it will confirm the completion of the Elliot ABC correction wave this year. Wave C provided the 6000 support and start of Wave One of the 5-Wave uptrend.
We will soon see how this plays out over the next 5-6 days :)
Yorum
Awaiting drop to 6000 support next week then bounce through the 7000 - 7295 parallel downtrend resistance. If so, we may well then have the start of Wave-3 of an Elliot 5-Wave major uptrend.
Have a great weekend and lets see how Mon - Thur next week look :)
Yorum
if you're thinking, "What if it breaks through the 6000 support?" Breaking through the 6000 support will nullify the ABC waves. Wave C that formed the 6000 support will now become Wave A Wave 1 will then become Wave B And the break through the 6000 support will become Wave C Where will Wave C turn? How low will it go? Will Wave C be of similar length/depth as Wave A? Will it be shorter? If shorter, then probably wont see too much shorting, maybe to within the 5000 to 3687 range. If longer/deeper, then could see a lot of panic shorting to 1000 + / -
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