Patchyq13
Short

BTC/USD- Longer Correction in Store?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC/USD- Longer Correction in Store?

Bitcoin             appears to be on an A-B-C Zigzag (5-3-5) correction Since reaching $13,031 on January 20, and would appear as if the correction may have a little more to give.

On wave “C”, we appear to be in a 5-wave             downward correction and are currently on Wave 3.

Wave B is 0.786 Wave A
Wave C is 1.618 Wave A, with a 5-wave             impulse down (currently on wave 3)

Looking for ~$7,300 BTC             .

Comment: Conversely, the low at $8,284 could be Wave "B" of a bottom, and we could be on an Impulse 5 Wave up with a final price target of ~$13,636 at the top of Wave "C" of the correction.

Time will tell which count we are currently on.
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