BTC: Correction low in the 37.5k-38.5k range
BTC remains aligned to our "Q4 2021 Prediction" from the 6 September, "2 Week Potential Price Path" from the 7 September and "10 Day Potential Price Path" from the 9 September.
I am of the view that BTC will find a bottom within the 37.5k-38.5k range and recent price action adds validity to this opinion for the following reasons:
- Point A: 38.3k is the 0.618 retracement of the July-September rally
- Point B: 37.5K is the 100% Fibonacci extension of the 1st leg lower by BTC (indicative of an ABC Elliot Wave correction)
- Point C: False break on the 1hr charts of the descending resistance in a descending wedge has triggered the final leg lower.
- Green rectangle: the apex of a descending wedge that coincides with points A and B.
An alternative low is 41.1k, as this is the 50% retracement of the July-September rally and 0.618 Fibonacci extension of the 1st leg lower. However, the initial view places the bottom closer to the descending wedge apex.
Trade Plan: Reduce short positions before 38.5k and start buying altcoins that have the most growth potential when the bull-run continues. However, a confirmed break of the descending wedge resistance prior to 38.5k should signal that the bottom is in place and that it is time to go long
I will publish a list of my 7 favorite low-cap altcoins from a technical and fundamental perspective once we have confirmation that the BTC bottom is in place, including VEGA Protocol vega.xyz/
I am of the view that BTC will find a bottom within the 37.5k-38.5k range and recent price action adds validity to this opinion for the following reasons:
- Point A: 38.3k is the 0.618 retracement of the July-September rally
- Point B: 37.5K is the 100% Fibonacci extension of the 1st leg lower by BTC (indicative of an ABC Elliot Wave correction)
- Point C: False break on the 1hr charts of the descending resistance in a descending wedge has triggered the final leg lower.
- Green rectangle: the apex of a descending wedge that coincides with points A and B.
An alternative low is 41.1k, as this is the 50% retracement of the July-September rally and 0.618 Fibonacci extension of the 1st leg lower. However, the initial view places the bottom closer to the descending wedge apex.
Trade Plan: Reduce short positions before 38.5k and start buying altcoins that have the most growth potential when the bull-run continues. However, a confirmed break of the descending wedge resistance prior to 38.5k should signal that the bottom is in place and that it is time to go long
I will publish a list of my 7 favorite low-cap altcoins from a technical and fundamental perspective once we have confirmation that the BTC bottom is in place, including VEGA Protocol vega.xyz/
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