Hello traders.
So some of you would have seen my previous ideas, showing both a bullish and bearish scenario for BTC.
After what could be one very long A wave down (see the GOLD line from 10k to 7.9k) we are possibly now in a corrective WAVE B up. This wave B will likely be made up of an abc wave.
We are clearly trading in the channel shown, and only once we leave the channel will we know that this wave a of the smaller abc is over. Assuming that happens soon (I have no indication of this other than BTC is having a tough time breaking 8250), wave a could very well have peaked at 8277 from 7925, so we picked up 350 points, depending on how low the small b wave goes (I don't think much lower than 8k) we will have an estimate for the end point of wave c ... if we assume it's similar in length to wave a.
I don't like guessing, but I'd say one possibility is wave a is ending, wave b goes down to around 8050 where we have a fibo level, and then up 350 points to 8400. I would call this a pretty lame ABC correction ... but it is 500 points so maybe. Personally I'm expecting the ABC to go up to around the 8600 mark where we would have a decent retracement before we kick off the next round of drops (or continue the rally to much higher levels ... the lower probability scenario).
Remember, only a fool relies on one potential outcome.
Do not make financial decisions using this info. For educational purposes only.
So some of you would have seen my previous ideas, showing both a bullish and bearish scenario for BTC.
After what could be one very long A wave down (see the GOLD line from 10k to 7.9k) we are possibly now in a corrective WAVE B up. This wave B will likely be made up of an abc wave.
We are clearly trading in the channel shown, and only once we leave the channel will we know that this wave a of the smaller abc is over. Assuming that happens soon (I have no indication of this other than BTC is having a tough time breaking 8250), wave a could very well have peaked at 8277 from 7925, so we picked up 350 points, depending on how low the small b wave goes (I don't think much lower than 8k) we will have an estimate for the end point of wave c ... if we assume it's similar in length to wave a.
I don't like guessing, but I'd say one possibility is wave a is ending, wave b goes down to around 8050 where we have a fibo level, and then up 350 points to 8400. I would call this a pretty lame ABC correction ... but it is 500 points so maybe. Personally I'm expecting the ABC to go up to around the 8600 mark where we would have a decent retracement before we kick off the next round of drops (or continue the rally to much higher levels ... the lower probability scenario).
Remember, only a fool relies on one potential outcome.
Do not make financial decisions using this info. For educational purposes only.