Bitcoin has broken the support level of 20,900-21,300 dollars in the 4-hour time frame, which can now act as an authority and is a level (FTB).
From Elliott's point of view, this level overlaps with the 0.618 Fibonacci range and can be the end of wave B and the beginning of wave C down to the 1.618 Fibonacci range.
From the point of view of classic technical and pattern charts, it has formed a downward angle pattern and is trying to break this pattern upwards.
The price is compressed in a small side channel (the yellow dotted line) and the price is fluctuating between its ceiling and floor.
Bitcoin seems to move towards the 20400 to 21400 area first and then to retest the 18600 to 19000 area.
It should be noted that the area between 18300 and 18700 is a very strong support area and we can expect the price to return from it.
In case of failure of this area, the lower price areas of 16,000 to 14,000 dollars will be fully available.
Because there are unfilled price gaps in those areas.
From Elliott's point of view, this level overlaps with the 0.618 Fibonacci range and can be the end of wave B and the beginning of wave C down to the 1.618 Fibonacci range.
From the point of view of classic technical and pattern charts, it has formed a downward angle pattern and is trying to break this pattern upwards.
The price is compressed in a small side channel (the yellow dotted line) and the price is fluctuating between its ceiling and floor.
Bitcoin seems to move towards the 20400 to 21400 area first and then to retest the 18600 to 19000 area.
It should be noted that the area between 18300 and 18700 is a very strong support area and we can expect the price to return from it.
In case of failure of this area, the lower price areas of 16,000 to 14,000 dollars will be fully available.
Because there are unfilled price gaps in those areas.
