⭐ Merited by El duderino_ (1)
It's still POSSIBLE my PRIMARY 1.00 FIB at $9,948.98 holds and we go sideways during this period of downward pressure instead of to my Secondary 0.786 or Secondary 0.618 FIB on the Re-Trace. If that were to occur, it would mean the period of downward pressure acted more as a TIME correction rather than a price correction. In any case, I'm still seeing a continuance of upward pressure in the higher time frames (6-Day, 9-Day & 12-Day) AFTER this brief period of downward pressure we see in the lower time frames (2-Day and 3-Day).
Seems like we're on the same page. Short term downward pressure, mid/long term upward pressure. I'd say there's a decent chance we test the 20-day MA (currently in the low $9,600s), possibly lower. I expect the market to hold above $9,075 to keep this bullish EW count intact.
Agreed... My expected pullback is to approximately $9,493.46 with lowest on the pullback being $9,135.85. THEN LIFT OFF.
Here's a "BTCUSD - "Continuation of My FIB Study for Bitcoin Using 61.8 as High Coordinate instead of 100.0." https://www.tradingview.com/chart/BTCUSD/5iQYJaxh-Continuation-FIB-Study-for-Bitcoin-Using-61-8-as-High-Coordinate/
Four different scenarios in this study. The WHITE Scenario is my "Most Likely to Occur" scenario with anticipated energy. Next "Most Likely to Occur" scenario would be my ORANGE Scenario with below anticipated energy. The AQUA scenario is with above average anticipated energy. The GREEN scenario would be with parabolic well over anticipated energy. Dates on the vertical time lines are subject to change with the indicators as the price action evolves. I did not include the indicators on this chart to leave plenty of room to view FIB levels. Indicators can be seen on my other BTCUSD publications.
This "idea" (opinion) is labeled a LONG position to coincide with my LONG TERM analysis even though I'm anticipating a dip to occur very soon. If you are looking for entry of a long position and/or to accumulate bitcoin , I recommend waiting on this current dip.