I can see a pretty convincing argument that the current correction is complete. We tapped into the 7700s, but it seemed that nobody actually wanted to sell their Bitcoin at this level. Why would they? It's still early to say for sure that the correction is complete, so look for confirmation. We need to break over resistance at 8150! We also have a major downtrend line that we will need to contend with soon. If we can not break that then we would continue back to these 7700 levels and likely lower. Targets are right would be for a subwave 1 of wave 3. These are not long term targets.
Here's a close up shot of my count. This is a 15 minute chart showing what would be the completion of the C wave in this case.
Getting lower than 7800 again would likely indicate that the correction is NOT over.
In any case, we need to see some buy volume soon! If we can't find buy volume, breaking the downtrend will be that much more difficult.
Here's a close up shot of my count. This is a 15 minute chart showing what would be the completion of the C wave in this case.
Getting lower than 7800 again would likely indicate that the correction is NOT over.
In any case, we need to see some buy volume soon! If we can't find buy volume, breaking the downtrend will be that much more difficult.
Comment:
The alternate count would have an expanded flat for wave 4 and we are entering 5 now. Like this: