Bitcoin (BTC) nailed the 0.887 Fibo at 6600$ from the previous swing low to swing high, bulls or bears next, read more in the post

12 days ago BTC nailed the 0.786 Fibo (7250$) of the previous swing low (6000$) to swing high (11790$). Yesterday it nailed the 0.887 Fibo (6600$) exactly. So as usual there is two possible scenarios from here:

1) Bullish scenario

As I wrote above Bitcoin nailed exactly the 0.887 Fibo level of the previous swing low (6000$) to swing high (11790$). With this it completed the last 5 waves (5th Wave) structure of the C leg. If we accept that at the 20th of February started this ABC correction then we can assume that with this correction is over and 6600$ should be the beginning of the 3th Minor Wave. The count is valid, the C leg is extended but not proportional.

2) Bearish scenario

Bearish scenario come into play if we accept a wave fail of the 1st impulse wave up of the 3th minor wave which lead to an WXY correction.

Very possible target for the B Wave is the 0.5 Fibo level at 7900$. The 0.382 and 0.618 Fibo levels should not be excluded.

C Wave can hit following targets:

• Truncated C (7200$ - 6600$)

• Double bottom (6600$)

• 1:1 Zig-zag (5300$) if B Wave correct at 0.5 Fibo

• Extended C (below 5300$ , 3700$-4000$) if B Wave correct at 0.5 Fibo

Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!