BITCOIN Did Not Bottom, Yet
Updated
As expected BTCUSD fell down into wave (c) a third leg of decline that we have been talking about a lot in our past updates. Wave (c) is a motive wave, so it must be made by five subwaves before we may even consider that correction is finished.
Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
Comment
Todays price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks even better for a triangle in wave four, so bias remains unchanged. Be aware of some volatility during weekend. Grega
Comment
Triangle Completed? Patience is very important, so strongly suggest to wait for confirmation level below 900!Comment
Confirmation below 9900 level!Comment
Hey traders! BTC is slightly higher as we expected and that's why are confirmations important. It's something interesting happening right now... Ethereum is very strong against other cryptos, Eth/Btc is in 5th wave now, so we still think that ethereum is in corrective move in wave B, while Btc still can be a triangle.. so we would not fall in love with bulls yet! Here is the next count we are tracking.Comment
btcusd is trading lower as expected. I will update charts soonComment
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