Earlier in the day I noted that the BTCUSD
may be entering into phase I of an Elliot Wave
. Assuming that was correct then we should now be nearing the completion of phase II. If this is the case then I really don't feel that phase II will break 680. Phase I was around 700, so if we break that then I'm totally off. I expect prices to linger between 665-675 for about an hour or two before entering phase III
. I don't feel confident enough to predict the bottom of phase III
, but based on the length of phase I, I expect it may test 600.