2018.05.11 BTC Technical Bounce at Lower Bound of Channel
The correction that we are due is well underway. We are seeing a technical bounce at the lower bounds of the parallel channel here at 8.6k.
Are we done correcting? It may be possible, here at the 38.2% correction range, which the algorithms are clearly picking up on, but this would be a very bullish case.
8.2k target and $7.7 to 7.8k targets are not off the table yet (notice the confluence here of the extension of the A-B-C correction with the golden retrace zone)
If we do indeed go lower, it could turn soon, or generate a fake rally first before heading down. Have to wait and see.
Are we done correcting? It may be possible, here at the 38.2% correction range, which the algorithms are clearly picking up on, but this would be a very bullish case.
8.2k target and $7.7 to 7.8k targets are not off the table yet (notice the confluence here of the extension of the A-B-C correction with the golden retrace zone)
If we do indeed go lower, it could turn soon, or generate a fake rally first before heading down. Have to wait and see.
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