After charting out two possible Elliott Wave formations, I believe we are either on wave 2, or wave 4 of 3. Regardless, the 0.236 Fibonacci retrace lies right at the weekly support. Throughout bitcoins’s historical price action, a 0.236 retrace seems reasonable. Given the confluence of these two possible wave counts and the weekly support, laddering in down to $38,173.73 seems like a reasonable entry.
This article was originally published by Tradingview.com. Read the original article here.