Since the beginning of Bitcoin's correction on June 26tht has formed 2 corrective waves on the daily chart.
1- Wave (A) is an impulse which started on the 26th of June.
2- Wave (B) which is a corrective wave that is in the form of a contracting Flat.
which now leaves us expecting the last wave in the corrective structure and that is wave (C). Wave (C) is supposed to be impulsive in its nature in order to make proper 3 wave corrective structure (Impulse - Correction - Impulse).
if 5th of September was the start of wave (C) then we should be looking at 2 different levels where wave (C) is expected to be complete:
1- first level is around the 7,300$ which is Fib 0.618 of the bigger wave where Bitcoin started it's climb from 16th December 2018 to 26th June 2019.
2- Second level is around 8,000$ which Fib extension 0.272 of the first corrective wave (A).
The area between these 2 levels (7,300$ - 8,000$) is the ideal buy zone and that is where smart investors are going to start buying.
Good luck and happy trading to you all
Disclaimer: the contents of this message are the results of personal analysis and are meant for education and discussion but not as a direct investment advise.
1- Wave (A) is an impulse which started on the 26th of June.
2- Wave (B) which is a corrective wave that is in the form of a contracting Flat.
which now leaves us expecting the last wave in the corrective structure and that is wave (C). Wave (C) is supposed to be impulsive in its nature in order to make proper 3 wave corrective structure (Impulse - Correction - Impulse).
if 5th of September was the start of wave (C) then we should be looking at 2 different levels where wave (C) is expected to be complete:
1- first level is around the 7,300$ which is Fib 0.618 of the bigger wave where Bitcoin started it's climb from 16th December 2018 to 26th June 2019.
2- Second level is around 8,000$ which Fib extension 0.272 of the first corrective wave (A).
The area between these 2 levels (7,300$ - 8,000$) is the ideal buy zone and that is where smart investors are going to start buying.
Good luck and happy trading to you all
Disclaimer: the contents of this message are the results of personal analysis and are meant for education and discussion but not as a direct investment advise.