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BTC, small retracement expected before blast off!
BTC has almost completed the formation of a ascending wedge to form Wave 2 of 5.
A retracement is expected to the .5 Fib Retracement line where it should find support. This is a key area for the VPVR. We've also crossed above the long term downward trend line (black) so that previous resistance might now act as support if we hit this region.
It is possible that we drop below the .5 fib and hit the .618 fib line instead where it would also find support on long term the upward trend line.
A retracement is expected to the .5 Fib Retracement line where it should find support. This is a key area for the VPVR. We've also crossed above the long term downward trend line (black) so that previous resistance might now act as support if we hit this region.
It is possible that we drop below the .5 fib and hit the .618 fib line instead where it would also find support on long term the upward trend line.
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