Bitcoin corrective momentum slowing down
Updated
#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.
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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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