bitcoin after the test resistance and complete the formation of the fifth The trend wave, entering the ABC correction phase, in the form of this movement, the price leaves the downward channel.
The price stops at the Fibonacci level of 0.618, which may be a signal for a reversal and the beginning of the formation of a new wave (the screen below will indicate the structure of the expected move). If the bulls settle at 16584, the price may rise to the top of B correction
The situation is so stuck it’s hard to talk about potential growth or a change in direction given a strong and powerful global downturnsignals, but we can see structures We can trust her. I am waiting for a pullback from the 0.618 Fibonacci level, which is statistically a strong price reaction area. The purpose of this step may be to retest the previously broken channel boundary.
Elliott structure taken from SweeGlu
Greetings R. Linda!