#BTCUSD We might be in for some boring sideways action the next months while the BTC correction is losing momentum.
- We had a parabolic move in December that needs a long time correcting.
- I see BTC in a contracting triangle that started with the February 20th move down.
- The contracting triangle is a pattern that shows us that the corrective momentum is slowing down.
- I expect a move down to about 5900 before we head back up to 8200, then a final corrective leg down to about 5300.
- We had a parabolic move in December that needs a long time correcting.
- I see BTC in a contracting triangle that started with the February 20th move down.
- The contracting triangle is a pattern that shows us that the corrective momentum is slowing down.
- I expect a move down to about 5900 before we head back up to 8200, then a final corrective leg down to about 5300.
Trade active
We bounced 100 USD from target at C and now are heading up to the 8300 range. I have revised my count of the waves so we are now on wave E:Wave E travels 61.8% of wave C so that gives us a target of 8313.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.