BTC/USD - 5th wave extension - correction to 3rd wave top
I see our current situation in BTC/USD as extension of the 5th impulse wave. I believe we are going to see a correction to .5 fib retracement from 6184 high to about 5700. From there a possible move up to a new high within the wave channel trend of the extension to 6390, then a swift correction. I believe correction and final completion of 5th wave formation is long overdue and we should land somewhere round 4400 with decent support. I see next support levels after this as 4100, 4000, 3550 ( bottom of second wave). I currently sitting out trading until the dust settles after BTC Gold and Segwit2x. I believe there will be a long overdue correction in the classic 30% BTC/USD fashion and buying opportunity when this occurs.
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.