Temporary retracement starting now until upcoming 36th hour

Temporary retracement starting in 1-2h to wedge support line, then an uptrend with the first wave breaking the wedge and ending at next resistance.

5th Elliot wave is done, a 3 wave retracement is upcoming.

RSI and MacD losing strength from last high support this idea.

Approximation with fibonacci of waves.

Kommentera:

I've been kinda right so far. I suspected I missidentified the 1st wave of the 26feb uptrend. But it doesn't really matter, because if I had been wrong (which I was) the last wave was going to be insignificantly small compared to the 3rd wave (which it was), and then the retracement began which I talked about. I still hold by this chart if you adjust it with +200$ because of the 5th uptrend wave I was missidentified.

This upcoming 3rd wave of the retracement might not be enough to reach the bottom wedge line. A 4th and failed 5th wave might be included to reach the wedge. if this happens I will be on the lookout for another head and shoulders or maybe uptrending triangle that breaks the downward pattern. If not I might consider bear.

Though the slightly uptrendy wedge and recent bullishnes sudjests the chances are higher that BTC will break the roof instead of the floor of the wedge.