instead of an abc correction this could be a 1-5 bearish wave count trend reversal. I say this because the market is way past abc timing. if this is the case market could dip to 7k (and below) as wave 1-5 timing goes on until feb 8th/9th. however it is currently testing a major line of support and I'm not crazy about the current wave counting but trend based ...
according to timing, it appears the abc correction is done. we could be at the beginning of wave 3 of 5 (of wave 1), target of wave 3 between 14-15k with wave 5 ending between 17-18k around feb 1st...wouldn't that be nice? let's see...happy trading!
Similar to my last projection on the 22nd, with updated timing. Could be the middle of a C wave forming now, ending at 12K or below before reversing to a bullish 1-5 wave count run after the new year.
Based on the day chart, it appears BTC has completed it's A of ABC correction and is beginning the B (there is the possibility that A is not complete) B is based on a supply zone approx 16721 (possible that it shorts before hitting B). C is based on fibonacci projection approx 11148.
Happy trading!
