As expected BTCUSD fell down into wave (c) a third leg of decline that we have been talking about a lot in our past updates. Wave (c) is a motive wave, so it must be made by five subwaves before we may even consider that correction is finished.
Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
Well, if we take a look at current price move on BTCUSD we see very slow structure, thus it’s probably just a wave 4 within still ongoing wave (c). So, sooner or later we expect new decline into wave 5 of (c), where final support zone can be between 8700 level for (A)=(C) and 6800 level towards channel support line and 161,8% Fibo. extension of wave 4.
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Triangle Completed? Patience is very important, so strongly suggest to wait for confirmation level below 900!
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Confirmation below 9900 level!
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Hey traders! BTC is slightly higher as we expected and that's why are confirmations important. It's something interesting happening right now... Ethereum is very strong against other cryptos, Eth/Btc is in 5th wave now, so we still think that ethereum is in corrective move in wave B, while Btc still can be a triangle.. so we would not fall in love with bulls yet! Here is the next count we are tracking.
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btcusd is trading lower as expected. I will update charts soon
Grega