The Long Investor

$BTC TOP 20

Added 2024-08-08 10:32:39 +0000 UTC

$BTC pulling back below the 0.38 Fib at $51k on the 5th of August means that it is still in its corrective wave as a lower low was made, on top of this, it is also in a complex corrective wave, so it is now continuing in this range and has gone beyond the basic ABC format, which is why I have added in the ABCDE amber count......this simply means that it is consolidating sideways.

$BTC has been following the market, so if the market moves down further, we will likely see another test of he 0.38 Fib at $51k or a lower level at the 0.5 Fib at $44k and for ease of understanding the chart, I have added the red Wave C level here at the 0.5 Fib.

There is a possibility that Wave E of this extended corrective wave is complete but $BTC needs to put in a higher low and if it can jump to its 200 Day MA, we want to see no rejections here at $62k.

We can also see that the 50 and 200 Day MA are about to make a death cross.

Still a lot of work for the bulls now.