Bitcoin Update for 3/17/18...Correction May Be Nearing Completion

in cryptocurrency •  last year  (edited)

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Bitcoin has perfectly followed the ABCDE pattern I've predicted in my last few updates. The volume has been relatively high during this down trend which is a healthy sign. I expect Bitcoin to bounce off either the critical resistance point of $7,520 OR the bottom of the charted wedge around $7,200. This should be viewed as bearish short term, but very bullish overall. Bitcoin needs to complete this ABCDE pattern for closure. If we see a bounce at $7,520 or $7,200, expect to see an impulse wave up as charted. We see signs of bullish divergence on the RSI giving credibility to the count.
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This count will be invalided if Bitcoin drops below the charted wedge . If that happens, the next decent support level is at $6,700 and below that at $6,000.
At this point, I think sitting on the sidelines is best until Bitcoin completes this correction.

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