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Bitcoin Private (BTCP/BTC) corrected in an ABC sequence as shown in below chart. The C wave down was complex in the form of a wxyxz sequence (white). From there, price surged making the red C wave a likely correction bottom for BTCP.
The impulse waves are labeled in blue. Thus far, waves 1,2 and 3 are likely complete. Wave 4 is probably already in progress and should retrace about 38% of prior rise. However, wave 4 can't overlap with the peak of wave 1. Wave 5 target is approximately 0.00426 BTC.
It's expected that once the five wave impulse is complete, then there needs to be a requisite correction as marked by the red ABC waves. The impulse blue waves are subwaves to a higher degree wave 1 and the projected red ABC are therefore subwaves to a higher degree of trend wave 2. Since wave 2 is often known to retrace deep; it can travel farther than labeled.
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Elliott Wave Counting Tutorial #1
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