1) Price failed to stay above the upper trend line and establish support.
2) Price is back in the ascending channel and there's a high chance price will visit the lower support trend line. At least we know we have strong support there.
3) Price needs to react by forming multiple giant green candles once we touch the lower support trend line of the ascending channel.
4) The more price sticks around the bottom of the ascending channel, the more selling pressure we will see, that's why i want to see a violent bullish green candle once we get there.
5) If we break below the support line of the ascending channel, then I think our strongest support (previous resistance) would be around $31.8k, and to make it more interesting this level is the 50% fib ret level.
6) Since i see the bullish wave from
25K
to
39K
as the first wave of the 5 elliot waves, then there really is a chance we might see a 50% retracement and after that the firework will begin.
2) Price is back in the ascending channel and there's a high chance price will visit the lower support trend line. At least we know we have strong support there.
3) Price needs to react by forming multiple giant green candles once we touch the lower support trend line of the ascending channel.
4) The more price sticks around the bottom of the ascending channel, the more selling pressure we will see, that's why i want to see a violent bullish green candle once we get there.
5) If we break below the support line of the ascending channel, then I think our strongest support (previous resistance) would be around $31.8k, and to make it more interesting this level is the 50% fib ret level.
6) Since i see the bullish wave from
25K
to
39K
as the first wave of the 5 elliot waves, then there really is a chance we might see a 50% retracement and after that the firework will begin.