this scenario is a hypothetical one. the target is derived from the crossing point of the .786 extension of the entire 5 wave up and the sloping trendline support that we once again failed to break. In this scenario I assume that we have just begun the 5th wave of this massive c wave correction. the target buy/close-short zone is the price ranging from the 1.618 fib extension and the historical resistance line at 4950 that could now act as support. The blue line between the 2 is the .786 retracement and the point where it crosses the sloped green resistance line is where I set the target. The 6541 green support is the .786 retracement of the most current rise that attempted to break resistance. I expect price to bounce at or around this zone and rise to a possible retest of the resistance. At this point I would close my short position and wait for a rejection of the resistance and following downward price movement to open another. Again I would close the 2nd short at the 4950 support at any sign of bullish rejection and if we break into that zone and I will start looking for alts to go long on or to go long on bitcoin itself. we will know by march 3rd or whenever we break resistance whether this proves true or false. This is not financial advice im just clarifying my own thoughts and sharing it with the public.
The alternative scenarios would be any break and close above the sloped green resistance line before my target. This prediction is a long shot lets see what happens.
The alternative scenarios would be any break and close above the sloped green resistance line before my target. This prediction is a long shot lets see what happens.