MonkeyMagic
Long

BTCUSD flat correction

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I feel obliged to try to explain the recent sudden downwards move that I admit caught me off guard when I was expecting a smaller correction from what appeared to be wave 1 of 3.

I was unable to decide previously if the most recent impulse was a truncated wave 5 of the larger green wave 1, or if it was wave 1 of the larger green wave 3.

If it was wave 1 of green wave 3, then the correction from that seems too large (although it would be acceptable but barely).

There is another way to describe the current correction that eliminates both the above uncertainties, and that is as a flat ABC correction to form green wave 2. A flat correction is usually of a smaller degree than a zigzag (which is typically 0.5, 0.618, 0.786 of wave 1), and this correction at around 0.382 for a wave 1 is on the small side which would fit perfectly with a flat correction type.

If this is validated, then it means we are about to (or have just started) our wave 3 of the larger (green) impulse.

I am still long on BTCUSD             .
I think the analysis depends on the macro events that occur in the greater space. Ultimately I feel that this area will become regulated and controlled, and there will be significant volatility as and when this happens, which will throw all TA out the window when it occurs.
That said, I think you are about right with this analysis. It is always nice when stars start to align...
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MonkeyMagic Pastro218
@Pastro218, Interesting - I believe the statement that TA is a reflection of everything that every single holder of bitcoin knows and anticipates at this very moment and this is expressed in the price right now. Future price moves will express the changing attitudes of those who buy and sell bitcoin and every time it shifts by a single point it gives us clues to follow in order to predict wider changes.

I certainly enjoy drawing lines on graphs :)
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