Hello Traders!
The red Horizontal lines are the TRpoints which means True reversal points that are designed to calculate pinpoint accurate reversal points. To track the next few movements I have mentioned the points using Elliott wave theory.
In this case, BTC hit 39900 Reversal point which was derived from D1 timeframe and the 49450 TRpoint is also derived from D1 timeframe which is our next target.
The 47774 is minor resistance and I am expecting wave three to end there. Before 47774 there is another resistance at 46520 which will be used as a support to pull the market to 49450 target.
From 49450 I am expecting some retracement before any rise.
If we calculate the target from the current price then it is about 16% growth of the investment and after hitting the Target i am expecting at least 5% retracement.
Don't forget to hit the like button and follow to stay connected.
The red Horizontal lines are the TRpoints which means True reversal points that are designed to calculate pinpoint accurate reversal points. To track the next few movements I have mentioned the points using Elliott wave theory.
In this case, BTC hit 39900 Reversal point which was derived from D1 timeframe and the 49450 TRpoint is also derived from D1 timeframe which is our next target.
The 47774 is minor resistance and I am expecting wave three to end there. Before 47774 there is another resistance at 46520 which will be used as a support to pull the market to 49450 target.
From 49450 I am expecting some retracement before any rise.
If we calculate the target from the current price then it is about 16% growth of the investment and after hitting the Target i am expecting at least 5% retracement.
Don't forget to hit the like button and follow to stay connected.