BTC: Correction low within the 37.5k-38.5k vary for BINANCE: BTCUSDT by Wepens – Todayuknews – Todayuknews


BTC remains aligned with our “Q4 2021 Prediction” from September 6th, “2 Week Potential Price Path” from September 7th and “10 Day Potential Price Path” from September 9th.

My opinion is that BTC find a bottom within the 37.5k-38.5k range and recent price moves confirm that view for the following reasons:

– Point A: 38.3k is the 0.618 retracement the July-September rally

– Point B: 37.5K are the 100% Fibonacci expansion of the 1st leg lower BTC (indicative of an ABC Elliot wave Correction)

– Point C: False break on the 1-hour charts of the descending resistance in a descending one wedge has raised the last leg lower.

– Green rectangle: the vertex of a descending one wedge this coincides with points A and B.

An alternative low is 41.1k as this is the 50% retracement the July-September rally and 0.618 Fibonacci expansion the 1st leg lower. However, the initial view places the ground closer to the descending one wedge Apex.

Trading plan: reduce short positions before 38.5k and buy altcoins with the greatest growth potential if the Bull run continues. However, a confirmed interruption of the descent wedge Resistance before 38.5k will nullify this strategy

I’ll post a list of my 7 favorites Low cap Altcoins from a technical and fundamental point of view as soon as we have confirmation that the BTC below is present including VEGA Protocol

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