Bitcoin is following a corrective ABC pattern. It has already completed Wave B a little above the level predicted in the following chart (Wave B retraced to about 62% instead of 50% assumed in that chart). The first wave of Wave C is now in progress and is likely to be completed today. Currently, the price appears to be in wave 5 of wave 1 (of the bigger wave C) - I have drawn these minute waves inside wave 1 to give you a bit more clarity. Expect a correction to occur after the completion of Wave 1 which would give another opportunity to short.
Bitcoin could retrace to 7645 if wave C is 1.62 times Wave A and to 8342 if Wave C is equal in length to Wave A. I have revised these estimates after the completion of Wave B from the original estimate of 7360 in the chart shown below.
Of course, it is not a trading recommendation. Feedback welcome.
Cheers
ND
Bitcoin could retrace to 7645 if wave C is 1.62 times Wave A and to 8342 if Wave C is equal in length to Wave A. I have revised these estimates after the completion of Wave B from the original estimate of 7360 in the chart shown below.
Of course, it is not a trading recommendation. Feedback welcome.
Cheers
ND
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Sorry, forgot to adjust the view before posting. Please click the reset button at the bottom of the chart to see the full picture.
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Bitcoin is currently in Wave 2 of the five wave pattern for Wave C. It appears to have completed the minute wave a of Wave 2 and could now go down slightly in wave b before moving higher to around 9200-9300 in wave c. That would be the best place to short, if Bitcoin followed this pattern.
Of course, it is not a trading advice.
Of course, it is not a trading advice.
