Featured chart by StockCharts.com
Elliott Wave Analysis by Raul Fernando Luna Toro
Bitcoin remains steady as it trades within a tight range, signaling a period of consolidation for the cryptocurrency market.
BTC/USDT opened at $22430.24 hit in intraday high of $22508.00, a low of $22258.00 and is now trading at $22393 so far this morning.
So far this morning BTC/USDT Binance bar is inside yesterday’s bar as it trades in what is probably a 4th wave. The drop through green Minor Degree lower channel trend line confirmed blue Intermediate (B) retracement to Fibonacci levels.
Price support is down at the $21351.07 Feb 13 green Minor Degree 4. Below this there are the Fibonacci support levels: 38.2% $20943.40, 50.0% $19767.88, 61.8% $18656.
These are great buying opportunities for what is most likely a retracement of a larger move to the upside for the benchmark crypto.
From the 1-hour chart price has contracted down into a tight range. Price resistance is at the $22560.00 and the $22662.09 with support at the $22250.00 and the $22189.22. The $21971.13 red Micro Degree low is critical support. A drop through this and price should have no problem getting to AvsB Fibonacci support levels.
All trend line should support and resists.
