made a fine ABC
correction against BTC
after a run from bottom 710 to 1350 (with completing 5 of 5 waves per my view previously). Price bounced back from exactly the 0.382 fibonacci level with completing C wave of the correction of the upswing and now is in the cloud and back above the uptrend line. RSI
back above 40 – bulls are in trade. In my opinion BTS
starts a wave 3 now. If BTS
breaks downtrend line formed by the ABC
correction next move can be to the 1.618 level (1785) of the latest upswing – this overlaps with 0.236 fibonacci level of a downtrend move started from approx. 6000 level. This is a strong resistance. Next resistance and target can be the 2.618 level (2460) of the latest upswing – this overlaps with 0.382 fibonacci level of a downtrend move started from approx. 6000 level.
If price breaks down recount of waves, adjustment and new analysis may be required. These are only my personal views on potential future price movement. Please trade carefully!