Bitcoin (BTC) Morning Update: Longer to Short Term
This post will go longer term to short term analysis, the reverse of the usual for Bitcoin (BTC). Overnight prices have treked lower and it is reflecting on the MACD where the 12 day white line has curled downward and is sitting ont he 26 day red line. Will it be the end of the world if the white crosses the red down? In a word, no. The next charts can give the reasons as to why.
The blue D wave is likely still in progress. The subwaves as shown as red ABC. The subwaves of wave B is shown as white abc. Price is probably working on the white c wave. The next chart dissects this a bit further.
The closeup of the subwaves of blue D shows that red ABC. The red A has five subwaves which makes the red ABC sequence a ZigZag (5,3,5). The red B wave is subdivided into white (A), (B), (C). White (C) has five subwaves as shown by the blue five waves and thus far, 3 is in process of completing and 4,5 are likely next. Blue wave 5 is targeted for the 0.78 Fibonacci level. The white (A), (B), (C) will probably pattern out a downward wedge as shown by the yellow lines. Once red B is complete, red C will initiate with a sizable impulse wave upward to complete blue D.
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