BTCUSD.P BTCUSD almost finished the B leg of the overall ABC correction from the recent drop that took us from 6k to 3k. Currently one of two counts for me. Both of my counts has this move down as the B leg of the correction. This count has the move down as an ABC, with the C as an ending 3-3-3-3-3 diagonal. I'm expecting one more leg down into the 3200 region, ultimately completing the overall primary B leg of the correction. I will be looking for a sharp high volume wick that breaks our descending wedge and propels us into the last leg of the ABC correction in our C. Will post a new chart and targets once we break the wedge. Alternatively I can also count this B leg as an WXYXZ correction. Both counts are still valid to me. Slightly leaning on this ending diagonal. You can check my profile for the other count.
Not looking to short this, as I do believe bearish momentum is thinning. Rather have longs stacked in preparation for what could be a nice C leg rally up to around 4.2k+ region.
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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.