Bitcoin Wave Analysis is correction nearing its end?
Bitcoin continues to operate in a downtrend since it made a new high towards ~$32000; price then came down in a most likely 5 wave structure breaking just below $30000 support area before bouncing back up in a Corrective B wave structure. Price has since been in a C wave correction although price has been quite choppy and corrective evident in the 3rd wave which was 3 waves; likely meaning the C wave is an ending diagonal structure and we can expect this final 5th wave to be an ABC structure also.
Where can we target price projections; as written on chart the $28100-$28200 will be a strong area of confluence where price can likely show some strength and support. If we look into past price history there is a strong area of importance in the Purple box where price shot up in April after breaking that area. This makes this area of support/resistance a great area for buyers to come in and for a completion of this correction.
Please like and follow for more!!
Where can we target price projections; as written on chart the $28100-$28200 will be a strong area of confluence where price can likely show some strength and support. If we look into past price history there is a strong area of importance in the Purple box where price shot up in April after breaking that area. This makes this area of support/resistance a great area for buyers to come in and for a completion of this correction.
Please like and follow for more!!
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.