MonkeyMagic
Short

BTCUSD lower low is possible

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The recent 5 waves down have held a tight channel, typical of a downwards impulse.

If this is the correct count, then a zigzag (5-3-5) correction is likely. I will be looking to see if the next move up looks to be made of 3 waves.

This would bring retracement back to the 0.786 fib level, not unusual for a wave 2.

The low would likely create a bull wick on the daily chart that pierces through the long term upward trend line then returns back inside. (see my earlier post for the long term trend lines )
Comment: Still in play.

B wave went high though - if count is still valid it means the C wave will likely finish higher than originally thought- about $8k for a 0.618 retracement seems about right and puts us right on the long term upward trend line.
0.786 it is then.
Reply
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out