EamesAnalysis

Bitcoin Completing C corrective wave?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I see bitcoin             to have made its first impulsive wave up, which I took the fib retracement from.
I extended the key levels I expect bitcoin             to complete its 5-3-5 wave pattern at.
After completion of the C wave, it should resume the upwards move.
38.2 seems where it will be forming what looks to be the 4th sub wave, and I expect to see the 5th sub wave to continue down to the 50 or 61.8 fib level.
In my view this would end the C wave and I expect it to head towards the short term trendline .
This would complete the first and second wave, leading to the 3rd wave which we can potentially expect to see some previous highs.
Any advice or different views are very welcome.
Thanks.
Comment: Bitcoin may continue to drop down to the 78.6 fib level, however I don't see it spending much time down there if it does. I also do not see it going any lower than that area.
Any feedback or advice is appreciated.
Thanks.
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