BTC UPDATE
The price continues growing and reached the mentioned resistance of $8160. Today we have already took hold above the B point of the previous ABC correction, therefore we absorb the first half of the downward movement.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart,
BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart,
BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
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