Hello friends,
Not much has changed since my last update on BTC, the only additional detail I have added is that A=C. The reasoning behind this idea is that C wave is a common ratio for this kind of correction, also note that C wave being the completion of wave 4 has reached a strong resistance zone and will most likely take a deep correction making the 5th wave a double bottom.
If it does go higher then what is indicated on this chart, then wave 4 will be heading into wave 1 price territory and if it closes within that area, then this wave count is nullified and a new analysis will have to be considered.
Trade Safe
Cheers!
Not much has changed since my last update on BTC, the only additional detail I have added is that A=C. The reasoning behind this idea is that C wave is a common ratio for this kind of correction, also note that C wave being the completion of wave 4 has reached a strong resistance zone and will most likely take a deep correction making the 5th wave a double bottom.
If it does go higher then what is indicated on this chart, then wave 4 will be heading into wave 1 price territory and if it closes within that area, then this wave count is nullified and a new analysis will have to be considered.
Trade Safe
Cheers!
Comment:
Why am I thinking this is a bull trap? Is it possible market makers have enough liquidity to drive the price down and get a better buy at the bottom.
Comment:
Target 38.2% Fib hit. I expect more down.
