BTCUSD: Wave 4/5: Short LT 5-3k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Two possible scenarios for the final wave down for BTC , which as everyone has probably noticed, is currently correcting down...

Both scenarios share a bottom at (C) followed by an upward trend to around 12450 (bull trap..!) as the market moves through an ABC-style sub correction up to (D) before continuing the downward trend for the 5th wave.

S1: More conservative of the 2 scenarios, indicating a more positive support line (red) that compresses the wave form and limits the lower exposure for the final wave down (E). In this scenario, we are expecting ATL for the trend of 5350.

S2: Less conservative of the 2 scenarios, indicating a more negative support line (light blue) that does not have the buy volume to compress the wave and hold it to a higher ATL for this D>E trend (E2), which we expect could be as low as 3000

Fib: Currently charted to S1, with key ranges being touched by each wave across the trend. Therefore, if we are looking to Fib as an indicator, it would support likelihood of S1 at this stage.

Opinion not advice

Comments welcome - 1B2rBfu9X4nms6EtuQWDQuNy87Jn9hYkJs for bitcoin -11.44% 3.37% 2.50% donations if you find this helps, and want to give back!

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