OPTION A: Clearly been in a triangle for some time. If this continues, we will see a drop to around $7,100 short term and a significant rise once volatility has tightened (RED).
OPTION B: Following the end of an ABC, we are currently still retracing to 62% fib on wave 2. If BTC bounces off this ($7,800), we could see an increase to the $13,500 mark (BLUE). Fib extension based off 62% retracement.
Either way i'm seeing a drop on the short term, UNLESS this heavy support/resistance zone of $8000 pulls through.
OPTION B: Following the end of an ABC, we are currently still retracing to 62% fib on wave 2. If BTC bounces off this ($7,800), we could see an increase to the $13,500 mark (BLUE). Fib extension based off 62% retracement.
Either way i'm seeing a drop on the short term, UNLESS this heavy support/resistance zone of $8000 pulls through.