BITCOIN: 5th wave down now, it should move upwards for short time
As I wrote yesterday here, a couple of hours ago, BITCOIN has broken the Bear Flag which conformed the 4th and it is now reaching the end of the 5th.
As expected, BTC is getting some support close to 61.8 Fibonacci's Retracement which is placed around 3550 USD so, I hope this ground is strong enough to sustain the drop now... (Dashed line).
Since my count is still keeping its validity, I would bet for the start of an upwards move, creating the "B" leg of the correction.
This "B" leg must be composed by 3 waves...and what happens after completing 5 waves down + 3 waves Up?... the most likely is another set of 5-waves down...forming one of the most recurrent A-B-C corrective cycle, the Zig-Zag Correction (5-3-5).
The positive view is that, at the end of the 5-3-5 (exactly at "C") a reversal is likely to appear again...
That "C" level I put in the next FIBONACCI retracement level, or, in this case around 3268 USD (78.6%)... below that point...I prefer not to think about but, IMHO, the BEARISH would confirm the total supremacy...
However, I am not going to deny that it is indeed a more interesting situation than the one we have observed till now. Everything is depending in the nexts BITCOIN movements in short time.
Take care
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Toofasteddie
on
Hello friend, thanks for the analysis. I learn a lot of these post, little by little starting in this world.
I'm new, and I started with a curiosity, pulling lines between important points, looking for patterns. And boy, I've got enough. But there is one that I do not know if it is correct. I ask you for your knowledge, to know if it is a correct line.
It is the image, it starts more or less when bitcoin exploded last year, and then it was descending, being touched only 3 times, in important valleys of the year.
Regards!
But coincidentally days ago, we penetrated it, and coincidentally the price has tried to rise and bounces on it, that makes me very curious.!
Well, that white line is the long term support BTC have broken weeks ago...
Now has become a major Resistance and, If BTC manages to break it we may consider that the Bulls would be back...
good observation
good call eddie :)
let's see if we can trade and surf this B leg, looks like we can catch arround 10%'s buying the dips and selling
This is what I try 😂
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btw take a look at iota/btc when you can and tell us your TA
Correcting.
But then iHS:
So, not time to buy. Yet 😀
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@toofasteddie, thank you for sharing this analysis with us.
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