BTC/USD: A Detailed Outlook of What is Happening and Yet to Come

As we experience another major sell off wave today, i wanted to share a detailed look on my previous analysis, which basically follows a triangle pattern with the upper and lower trend lines create.

We’re currently inside the super wave B of the triangle pattern. Subwave C (shown in orrange) of this B wave is expected to touch the lower trendline at 6.700. We are currently forming the subwave 3 (shown in yellow) of the wave C, which targets 7.200 area (78.6 fibonacci level). Inside this subwave 3, we’re at another subwave 3 (shown in green) as of now to be expected to end up inside the golden pocket (the are between 65 and 61.8 fibonacci levels) and make a 4th wave reversal up to around 9.400-9500 area.

All and all, we are probably going to see a big reversal after the super wave B (6.700), targeting the conjunction of upper trendline and the 38.2 fibonacci level, which will be around 9.500.

This is just my humble speculation of the current situation, which has been pretty accurate since I first came up with a week back. Hope it’ll guide you well in your decisions.

Comment:

Since we had an extended sell off in the sub wave 3 and fell below 65 fibonacci level to 7.666, our target of the 4th wave reversal slightly shifted lower, where it hit 8250 instead of the initial target of 8400-8500 area (by the way, i've mistakenly put it as 9.400-9.500 in the previous text, as you see its actually 8400-8500 in the chart).

What to expect next? A little boring sideways price action since the volume mostly died off after the 4th wave spike, and than the 5th subwave to 7.200 area.

Good luck everyone