BTCUSD - If we're in an Elliott Wave correction...
Note: I'm not particularly good at, or overly familiar with, Elliott Wave analysis. I tend not to use it.
-Confluence is important.
-The Fib Extension levels line up nicely with previous support/resistance zones.
-Those fib levels are also confluent with the volume nodes.
-If price is in an ABC correction, it would make sense for price to pump up to the 0.382 (or maybe 0.5) fib level, where it would encounter a supply zone/resistance level, fueling a further drop in price.
-The next major demand zone (and an important psychological level) is approximately 20K.
Have fun, and be safe.
-Confluence is important.
-The Fib Extension levels line up nicely with previous support/resistance zones.
-Those fib levels are also confluent with the volume nodes.
-If price is in an ABC correction, it would make sense for price to pump up to the 0.382 (or maybe 0.5) fib level, where it would encounter a supply zone/resistance level, fueling a further drop in price.
-The next major demand zone (and an important psychological level) is approximately 20K.
Have fun, and be safe.
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