My previous wave count published in the link below got invalidated with a large swing on both sides on the weekend. As a result Wave 2 extended beyond Wave 1 which cannot happen. Therefore, I have changed my wave count and now think that Bitcoin is still in Wave B of the ABC correction. If this wave count holds then Bitcoin can go down to 8400 (if Wave C= Wave A) or 7700 (if Wave C = 1.62*Wave A).
It is also possible that it is a triangle correction as shown in the chart. Keep an eye on how it behaves in this price zone.
Just a thought - not a trading suggestion.
Cheers
ND
It is also possible that it is a triangle correction as shown in the chart. Keep an eye on how it behaves in this price zone.
Just a thought - not a trading suggestion.
Cheers
ND
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