$BTC TOP 20
Added 2024-09-14 10:31:00 +0000 UTC$BTC has bounced on the 0.78 Fib Support fib level at $52k and sits at $60k now to finish the week
The market had one of its best weeks in 2024 and $BTC followed it perfectly too.
The concern with this chart is the white circled area, it is a clear bounce in 3 waves, if it is a bounce in 3 waves, it means it can not be an impulse wave.....upward bullish movements can not be in 3 waves, which is why we got a strong pull back when the 200 Day MA rejected.
So I can not say right now that we are starting a new impulse wave here because that is not what I am seeing
What is possible is a consolidation sideways between the $69k level and the $51k level
The Wave C level is still the dominant scenario here
Price is at the 50 Day MA right now, the 200 Day MA is higher at $64k and then the big test again will be the channel line and $69k resistance blue line at the same level, these levels can be tested again in this formation but the like I said, the white circled area is a concern.
