Bitcoin - H&S is coming.

vonbuelo (54)in #bitcoin • 6 years ago (edited)

Looks like we are in the second wave of the ABC correction that is forming the right shoulder. Started a bit sooner than I anticipated (and hoped), so we might not go down as far as 8.8 and keep well above 9K. The second wave of an ABC is most often an ABC itself, so that all looks pretty familiar. Still a very bullish pattern IMO, but we will have to wait and see if the pattern completes. So far it has been following this pattern for the better part of a week, and I am optimistic. I still prefer a correction to 8.8 though...

Bildschirmfoto 2018-03-07 um 11.06.30.png

#btc #cryptocurrency #chart #money

6 years ago in #bitcoin by vonbuelo (54)

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adri1202 (44) 6 years ago (edited)

I'm still learning TA and EW but I think we could still be in the A of the correction, in the 5th wave. But the C could really bring us to the 9k level, between 8,1k$ (.681 fib) and 9,5k$ (.386), probably around 8,8k$ (.5).
My best guess should bring us to 9,2k$, because it's a strong resistance, because if we are in the C of a flat it's the level of the A (top of impulse : 02/20) and if we are in the A (top of impulse : 03/05) it's between .386 and .5 fib level (of course it will bounce from like 10,2k to 11k+ to make a B wave then go down again).
Time will tell !!! Guessing about different count help to wait for the next rally :-)