Here is my viewpoint on BTCUSD. I believe we have a bigger correction in development.
Post correction, I expect there to be another bullish wave.
Comment
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If you are in the short trade, moving your stop loss to break even or taking some profit at this point might not be a bad idea. Below is another possibility for the structure to develop.
I am still expecting the big move to the downside. What we need to look for is whether this wave to the downside continues or we get one additional wave to the upside before the bigger wave to the downside.
navdeep dude I hit play , price followed your thesis. everyone else is looking lower that I follow.
Navdeep_Singh
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thanks @TomPower, I guess I got lucky this time :).
jeffreyjim
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"Nice Post Thanks"
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This is the best "Wave Count" at this time. "1-2-2018"
The A-B-C "Part" for -- "Wave B" -- or -- "Wave 2"
66.7% or better chance this will happen.
This is my opinion only.
"I" do not and will not own "Bitcoin"
"Bitcoin" has a lot of very angry traders.
Is it true "Bitcoin" is backed by nothing ?
This may be why traders are angry if this is true.
"Nothing" -- plus -- "Nothing" = A lot of "Nothing"
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"I" like the "Education" part.
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"One Eye Jim"
tradepsych
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You think it's going to try and push $18000 before testing $10,000?
Navdeep_Singh
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@tradepsych, Essentially, I am looking for a flat correction pattern before the testing of ~$10000 level. If we get a regular flat, then ~$16460 is the level that the price needs to break and beyond that level, ~$17900 is an important fib level to look at. However, it is also possible that we might end up getting a contracting flat and in such a scenario the price would not even break ~$16460 level before restesting the ~$10000 level.
I will be closely watching the price action to monitor what form of corrective structure is in development. At this moment, I am inclined towards forecasting a regular flat. Does that makes sense?