BTCUSD: Making a run for Wave 3
I posted a similar chart for XRPBTC. I expected a pump despite the general bearish sentiment, likely a bias after a year-long downtrend. I was not wrong.
We saw a typical impulse upward with 5 waves with an ABC correction. I believe this is wave 3 starting as the impulse and correction form wave 1 and 2 in a macro scale. This retraces close to the .618 which is indicative of behavior of wave 1 and 2. At first I was wrong in my correction count thinking 3900 was the bottom for wave 2, but the ensuing dump proved me wrong.
Projecting levels off the first wave suggest this third wave up could end up at least at 5.1k or higher.
We saw a typical impulse upward with 5 waves with an ABC correction. I believe this is wave 3 starting as the impulse and correction form wave 1 and 2 in a macro scale. This retraces close to the .618 which is indicative of behavior of wave 1 and 2. At first I was wrong in my correction count thinking 3900 was the bottom for wave 2, but the ensuing dump proved me wrong.
Projecting levels off the first wave suggest this third wave up could end up at least at 5.1k or higher.
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