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RE: Bitcoin (BTC) Evening Update: Price is Sitting on Lower Bollinger Band & Upper Trend Line Support
No, I am concerned the long term correction is not through.
No, I am concerned the long term correction is not through.
Also your wave 1 placement (subwaves of A) is erroneous because of the wick that goes much lower than your wave 4 (Invalidates your count)
Wave C should be longer (x2) of wave A which would put BTC below 0 USD. If that's your primary I'd be concerned as well :P
I never heard of this x2-rule before. Certainly ZigZags are usually stronger corrections than what I drew here. But the only rules I knew so far is that C has to close below A and B is never higher than 61.8% of A. But yeah the subwaves for A are wrong, I missed the thin line from 22/12.
Btw I hope you did not get my replies wrong. I don't want to "know it better", I am just eager to learn and understand this better.