BTC Due For ABC Correction to 7100
Looking like BTC completed a 5 wave, now should not be surprised to find an ABC correction to the 50%ish region in the rectangle area.
I will probably not short BTC here because it's possible the 5 count starts at the end of the consolidation rather than at the start where I have it now. If that's the case then there could be one more wave up.
In either case, I am waiting for an ABC correction and then looking to go long, hopefully for a long term trade.
Also, this recent BTC rally has not been convincing because last time it rallied over the summer the altcoin market blew up for a few weeks. With this last run the alts did comparatively little which makes me wonder if the space in general has shrunk.
I will probably not short BTC here because it's possible the 5 count starts at the end of the consolidation rather than at the start where I have it now. If that's the case then there could be one more wave up.
In either case, I am waiting for an ABC correction and then looking to go long, hopefully for a long term trade.
Also, this recent BTC rally has not been convincing because last time it rallied over the summer the altcoin market blew up for a few weeks. With this last run the alts did comparatively little which makes me wonder if the space in general has shrunk.
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Related publications
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.