BTCUSD
Bitcoin had a big down move today, breaking down of what appears to be a Rising Wedge, www.freeonlinetradin...om/rising-wedge.html , which is bearish. Also the move from the March 1st lows appears to be a three wave move rather than a five wave move, which, in terms of Elliot Wave, www.investopedia.com...lliottwavetheory.asp , is corrective, rather than impulsive, which is bearish.
It has decline from about $10,500 USD to about $8,400 USD, a move that I will call Wave A of an ABC Zigzag Pattern, elliottwave-forecast...elliott-wave-theory/ , and then bounce about 38.2% of the entire decline, a common Fibonacci Level , www.investopedia.com...nacciretracement.asp , and a move that I will call Wave B.
What should follow is a Wave C to the downside. If it where to be 80% the length at Wave A, Bitcoin could reach the $7,500 USD level in the next couple of days or weeks. That will also close the open GAP , commodity.com/techni...al-analysis/windows/ , on the CME Futures Chart of Bitcoin,
So will see what happens, it will need to go above $9,250 to invalidate the bearish scenario, and below $8,600, the red trendline, to confirm it.
Good Luck to You
Trade closed: target reached:
It may reach $7,500, it may not. $7,700 is good enough. Short closed.