BITCOIN: A Double ZIG-ZAG Correction still playing
Sometimes when a corrective wave does not reach a normal target, i.e. usually the 61.8% Fibonacci retracement of the previous bullish cycle, a so called "Double Zigzag Correction" appears.
As you can see below, after the last bullish cycle appeared when BTC touched 6000USD on the 6th of February and which climbed till 11800 USD on February 20th , the corrective wave did not fall till the usual 61.8% of Fibonacci's retracement.
I think that what we have seen afterwards, is the evolution of this very peculiar Elliot-Wave count called Double Zig-Zag correction:
As you can see, the first 5-3-5 ZigZag correction is short, followed by and abc impulsive cycle and then repeating a longer 5-3-5 longer ZigZag which is still not finished.
The Double Zig-Zag builds a WXY pattern as it is shown below:
Source
If this count is fine, we may see the end of this long corrective action in the coming days by completing the (v) and also the (Y) symbols marked on the chart (7300 USD).
Enjoy cryptoland!
@toofasteddie
Hope btc raises soon^^
Our crypto god is falling!
I just wish other cryptos would move independent of BTC but I guess we are far from that :(
Me too, but first we need BTC to recover...all the rest are BITCOIN-dependant for the time being :-(
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