Bitcoin - Trend Line / Fib Retracement / Elliott Waves
Scenario A
Scenario B
- 0.718 Fibonacci level from last bull trend ($5.5k to $20k) is $8.5k.
- Historical trend tine support (yellow line) matches Fib 0.718 at $8.5k.
- 5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.
Scenario B
- If price action breaks the trend tine resistance (red line) and closes above it, BTC will probably shift and start a bull trend without testing $8.5k.