Bitcoin; possible chance to find support @35,422;low probability

7 May 2022

BTCUSD is at the 3rd/4th touch on up trendline support and almost sitting at the 4.618 fib from Bitcoins 10-Nov-2021 high fib extension. If Bitcoin finds support at 4.618 fib, a reversal should push up to fib 2/1.618 should be the next target between $52,997 and $55,538. These are real targets for the optimist.
But Bitcoin has broke most recent high fib 8 extension and is heading toward Fib 13 at $30,747. So we have reason to expect a bounce or maybe sideways movement for the weekend. Otherwise $30,747 is the next support/reversal area, if we fall thru there - then Fib 5.618 at $28717 next.

Honestly, looking at the Elliott wave pattern a zigzag and the bigger picture down seems to be forming. from the 69k high to the 33k low on 22-Jan-2022; 5 waves can be counted(Wave A). The corrective wave from 33k low to March 29 48K high - 3 waves can be counted(Wave B) This is also the .618 retracement from the Jan high to Mar low. This is the perfect setup for a zigzag (5-3-5) correction. If we continue down - the worst case scenario is about 12k. That's when Wave A = Wave C. 12K is also Fib 8. Fib 8 is usually the end of a correction.

12 May 2022

Not

Let' see if we find support by end of day at $28717 today, Right now it sliced through heading toward $22012, but we know BTC likes to make long wicks. If any Bullish movement, $37,452 would be resistance to head lower and complete the correction to $12,746... in the coming weeks/months

4 Tem 2022

Not

price is moving as expected. From here, Id expect to see a push up before the trend continues down. Possibly toward 30k as the rest of the market pushes the bear market rally higher for a disappointing end of the bull market.