So ladies and gentlemen: we are currently in a channel of two major trendlines from the past couple of months. This channel is a downwards falling channel (therefore of bullish nature), part of a possible ABC correction of the uptrend BTC recently started in February. At the current moment in time there are multiple open scenarios. The main 2 I feel strongly about:
- We've either just finished a 5-wave count and we're now starting a move up to the B portion of this corrective structure ( guaranteed if two triangular trendlines break)
- We're finishing the 5-wave structure of the A corrective wave - scenario that would be valid if either of the triangular trendlines hold (one at the .238 fib level, the other at .386) - which would imply we're owed a movement down into the apex of the triangle, leaving BTC near the 9k levels.
I believe we're starting a short-term LONG phase within a mid-term Short taking us to levels near the 8k value for the Bitcoin against the Dollar (.618 of "current" uptrend).
- We've either just finished a 5-wave count and we're now starting a move up to the B portion of this corrective structure ( guaranteed if two triangular trendlines break)
- We're finishing the 5-wave structure of the A corrective wave - scenario that would be valid if either of the triangular trendlines hold (one at the .238 fib level, the other at .386) - which would imply we're owed a movement down into the apex of the triangle, leaving BTC near the 9k levels.
I believe we're starting a short-term LONG phase within a mid-term Short taking us to levels near the 8k value for the Bitcoin against the Dollar (.618 of "current" uptrend).