BITCOIN: 5-3-5 Correction most likely now...
As also prevented by @workin2005 at this post, the correction doesn't seem to be finished yet, despite BITCOIN has recently rebounded on a known support at 6100 USD.
BITCOIN has completed 5 waves down and I think that the following ABC Zig-Zag Correction is the next to follow:
On Elliot Waves terms, a correction used to have normally an overall A-B-C shape. Meaning, a combination of 5 or 3 waves forms each one of the the "legs" of the A-B-C.
The leg "C" which end point marks the start of the reversal pattern used to end by 5 waves, thought...
IMO:
- The A "Blue Leg" of the correction has been a 5-waves type (12345 in dark red).
- The B "Blue Leg" of the correction is up... perhaps is what is currently on formation.
- The C "Blue Leg" would be 5 waves down...normally
All in all completing a 5-3-5 Zig-Zag Correction...
The end of the correction I'm still thinking that must be 5900/5950 USD (Red dashed line)...
Will see...
Trade safely.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published on
by toofasteddie
Totalmente de acuerdo. Estoy a tope de curro y cansado asi que en vez de publicar lo mismo que tu le doy a reestem.
Gracias compi!
A lot of things said are too technical and above my paygrade. All I want is a rebound, that graph brings tears to my 2018 eyes
well, me too...but we have to be patience, everything can happen now but, I do think the correction has just a few days left more.
Steem on
Nice post @toofasteddie. Thanks for the shout out.
you welcome
Upvoted!
@toofasteddie, I'm interested in the same topic as you, let's spin it together. I signed on to you, I hope you'll sign up for me. Always glad to meet new people!