theansweris42

Candidate Bullish Zig-Zag Correction (Wave C)

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
This analysis posits a wave C of an ABC correction in progress. The retracement of the candidate wave 1 leading diagonal is too shallow for a typical wave 2 retracement therefore my preferred wave-count now has the leading diagonal as a wave A. On this basis I would expect wave C to extend to 100% to 161.8% of wave A with resistance to be found at the deceleration shadow boundary (indicated with a dark Red line).

Outlook is Bullish until circa beginning of March reaching ~$10950. After that price will be making a new lower-low (below $6435).

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.