After todays 5m market buy the rise has halted around 8600 area,. whats next? well we could be here for a while in this range before a direction,. given the recent tether news its could be easy to assume everyone will dump tether into BTC pushing the price to ATH before the final massive dump, question is why haven't they already upon hearing of the finex suit?,...
So i propose this idea that wave 4 for BTC is in fact a flat correction. Whether its expanded, regular or running depends on where we end up here.
So in my view we have completed an expanded flat for A wave of this wave 4. Were now in the B wave, where to me looks like its taking form of a zigzag formation (535), where we've completed the first 5 wave down (A...
fresh test of demand zone
doji on 1H to serve as confirmation candle
HTF demand zone below.
Only worry is that it's against the trend in general
Minimum 2:1 R:R. could target top supply zone for a higher R:R
Looks like Bitcoin is on it's way back down again, Failure to hold this support area 9400-9500 it looks set to trickle down to the 8600 regions.
This is good in some ways, consolidation and retracements are required for further long-term growth. Also allows Alt-coins to breathe.
Be careful going long, deep bear zone right now. Also, be careful going long on...