mk_trader

BTCEUR Will we go lower in larger correction?

COINBASE:BTCEUR   Bitcoin / Euro
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The main question is whether we have finished W1 of what I call epoch wave count. This is EW count starting from the beginning of BTC time. Move to latest low 11th November is in the middle between 0.236 and 0.382 correction for epoch W1. If this is it, it is very shallow correction and we are going for new highs.

Fact that supports this way of rezoning is that it seems we have exhausted correction abilities at least regarding EW count colored red. Red W4 cannot go lower, it was at 0.5 correction. Move further lower invalidates this EW count, W4 would go below W1 peak. Taking this into consideration, te only way is up.

Interesting point is price range 4100 to 4300 EUR (close to 4850 USD to 5070), if price moves lower than this, this could be star of larger correction, epoch wave count correction.

Latest movement shows up trend which is currently testing 0.618 of latest down move from ATH . If it does not brake this level significantly we may be in previous mentioned scenario, but must wait for confirmation at 4100-4300. On the other hand, move up would be confirmation of red W5, move to greater highs and confirmation that epoch W1 is not finished yet. It seems that this situation is currently rather slow on picking up the momentum.
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