Bitcoin could retrace to 7360 if the wave count in the above chart is correct. Wave a of B is now in progress after the completion of Wave A.
I assumed that Wave B will retrace to about 40-50% of Wave A and Wave C will extend to about 1.618 of Wave A.
Similar patterns can be observed in other cryptocurrencies but Bitcoin appears to be lagging behind Ripple and ETH. See my other idea about Ripple copied below.
Of course, these are just my thoughts and are not any trading suggestions.
Feedback welcome.
I assumed that Wave B will retrace to about 40-50% of Wave A and Wave C will extend to about 1.618 of Wave A.
Similar patterns can be observed in other cryptocurrencies but Bitcoin appears to be lagging behind Ripple and ETH. See my other idea about Ripple copied below.
Of course, these are just my thoughts and are not any trading suggestions.
Feedback welcome.
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Bitcoin appears to be following the pattern in the above chart. I have slightly updated my predictions after the completion of wave B. See here:
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Updated wave count:
