Hi all cryptomaniacs
BTC is still in mild bullish reversal, making the Wave 2 ABC correction. However, there are 2 strong counts one in pink ABC which has already been exhausted or the one in red which is still in play. It does not make much difference to the longer trend BTC is coming into. The good news is that once we finish this retrace we will be heading for a massive spike according to the longer time frame indicators MACD, RSI and Ichimoku cloud. From what I can make out, because the 5th wave from $7050 to $7554 was slightly truncated we can confidently predict a %90 chance of the ABC correction we are in now to hit the 61.8 Fib level at $7220. From there and extended wave can get to the $9000 mark. So in summary, a short term fall to $7200 and then a rise to $9000 before another correction. However, this is only applicable with a valid wave count along the way. Other patterns to watch for are the 6th of every month for the last 6 months have been important pivot points. Check for yourself Jan 6th - May 6th. It will be the 6th time on the 6th month of the 6th day there will be a move/reversal. Which way who knows , but trading currency is pattern based and is a variable that needs some attention.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
BTC is still in mild bullish reversal, making the Wave 2 ABC correction. However, there are 2 strong counts one in pink ABC which has already been exhausted or the one in red which is still in play. It does not make much difference to the longer trend BTC is coming into. The good news is that once we finish this retrace we will be heading for a massive spike according to the longer time frame indicators MACD, RSI and Ichimoku cloud. From what I can make out, because the 5th wave from $7050 to $7554 was slightly truncated we can confidently predict a %90 chance of the ABC correction we are in now to hit the 61.8 Fib level at $7220. From there and extended wave can get to the $9000 mark. So in summary, a short term fall to $7200 and then a rise to $9000 before another correction. However, this is only applicable with a valid wave count along the way. Other patterns to watch for are the 6th of every month for the last 6 months have been important pivot points. Check for yourself Jan 6th - May 6th. It will be the 6th time on the 6th month of the 6th day there will be a move/reversal. Which way who knows , but trading currency is pattern based and is a variable that needs some attention.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.