BTC 10.08.20 Be careful! General euphoria can lead to losses!
Good afternoon!
I believe that we should not wait for the continuation of the upward movement right now, without some correction.
I suggest that we consider the current situation from the point of view of the Elliott wave theory.
If we assume that the movement from 9200 to 12000 is the first wave, which consists of five sub-waves, then now we are seeing the construction of the fifth "stretched" sub-wave of the 1st wave of the cycle.Therefore, it will consist of five more sub-waves.
What's next for us?
I assume now we are waiting for a small consolidation and pump to the resistance zone of 12 000-12 300, after that the correction to the support zone of 10500-10700, this range is just the end of the fourth sub-wave of the 1st wave and at the same time will be the end of the second wave of the cycle.
P. s. this is my first publication, please do not judge strictly.
I will be glad to hear your thoughts and ideas on this matter.
I believe that we should not wait for the continuation of the upward movement right now, without some correction.
I suggest that we consider the current situation from the point of view of the Elliott wave theory.
If we assume that the movement from 9200 to 12000 is the first wave, which consists of five sub-waves, then now we are seeing the construction of the fifth "stretched" sub-wave of the 1st wave of the cycle.Therefore, it will consist of five more sub-waves.
What's next for us?
I assume now we are waiting for a small consolidation and pump to the resistance zone of 12 000-12 300, after that the correction to the support zone of 10500-10700, this range is just the end of the fourth sub-wave of the 1st wave and at the same time will be the end of the second wave of the cycle.
P. s. this is my first publication, please do not judge strictly.
I will be glad to hear your thoughts and ideas on this matter.
Comment:
Here is the moment of truth, I personally believe that it is time to correction, but just in case I keep a small amount of BTC on the spot.
