Fibonacci retracement, Extension and Elliott Waves Bitcoin setup
From using Fibonacci retracement, Extension and Elliott Waves, this is how I see Bitcoin playing out over the next week. Perfect setup for squeezing the absurd amount of bottom shorters(who opens a short on a support level?!). My targets also coincide with horizontal supports and resistances.
As wave 2 has retracted little, (though there is the possibility it retraces more, to even say $6000 the 0.786 fib) wave 4 will normally retrace more.
$5800/6000 is a massive support, it's going to be a big ask to take it down. Although I do believe it will fall, the amount of shorts that opened on the bottom(+25%), right on support, are just asking to be liquidated, before we might see a bigger move down.
Short term - Bullish
Medium term - Bearish
Long term - Bullish
As wave 2 has retracted little, (though there is the possibility it retraces more, to even say $6000 the 0.786 fib) wave 4 will normally retrace more.
$5800/6000 is a massive support, it's going to be a big ask to take it down. Although I do believe it will fall, the amount of shorts that opened on the bottom(+25%), right on support, are just asking to be liquidated, before we might see a bigger move down.
Short term - Bullish
Medium term - Bearish
Long term - Bullish