Trade Bitcoin like a PRO
Bitcoin short-term chart
On 4 hour chart, its visible wave A is impulsive, which will be followed by a corrective wave B (abc) then another impulsive wave C. Support levels are 50% fib. retracement at $2,515 and 61.8% retracement at $1,932. I'm looking for a confirmation, if wave C=A and matches one of the levels, that will be a good signal to go long Bitcoin.
Bitcoin long-term chart
It's been awhile since I have been calling for upcoming Bitcoin correction and the top around $5,000. The prediction seem to be correct (and EW analysis never cease to amaze me). Back to business, from 2013 low Bitcoin rallied in five impulsive waves reaching a top slightly below $5,000. According to EW theory, 5 impulsive waves will be followed by 3 correction waves (ABC).
On the long term, I'm still bullish. On the chart showed above wave 5 can be wave 1 on a supercycle, meaning after the correction we will have a massive rally.
Follows and upvotes are appreciated :)
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Great post, thanks for sharing
Bitcoin is already turning back up. This low is much higher than the low from a week ago.