$BTC
The Breakdown
Retest
The Target
We previously mentioned that it is necessary to return around 60,000 to confirm it with a lower bottom, noticing the buying power and price action when it approaches for confirmation.
As we mentioned, 60,000 is considered the bottom of a drawn price channel on the complete chart of Bitcoin from the peak of wave 1 to the peak of wave 3, connected to the bottom of wave 2. We expect it from Elliott Wave to end wave 4 at the bottom of the channel, and the bottom of the channel has indeed been visited at the price of 60,000. We want to observe buying strength and a stronger subsequent wave with divergence between the peaks and troughs supported by trading volumes and surpassing the 72,000 regions above.
When Bitcoin returns to confirm the bottom of 60,000 and build upon it with a higher bottom.
Approximately the target of the model is below 65,000, targeting the broken model to fail by trading the price above 71130.
Successful and happy trading to everyone.
#Trading
