From my current analysis it looks like we are in a re-accumulation phase. For this analysis I used Wyckoff schematics, Elliott waves, Fibonacci levels and chart patterns. As you can see we broke out of the red parallel lines. Parallel lines typical result in counter trend movements. A bounce off the $45-46k area and retest of the $58k level could signify a distribution pattern. So breaking the .618 fib is a good thing in this situation. The .50 fib level is my low target. This looks like it could be wave 1 and 2 of the Elliott wave, which means theres a whole lot more room for prices to go up!
Please let me know what you think of my idea. Any and all comments are welcome, just want to become a better trader!
Please let me know what you think of my idea. Any and all comments are welcome, just want to become a better trader!
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