IF Bitcoin breaks to the downside, look as low as $63.

BITSTAMP:BTCUSD   Bitcoin / Dollar
714 6 7
If the current triangle breaks to the downside, it could signal a B wave high, which in turn could be followed by a 5 wave decline to complete the corrective zig zag pattern. Price target if this were the case would be in the region of the previous wave IV...around $63.
It's not a definite, but certainly a possibility - since the current pattern would almost certainly not be wave 2 of a motive wave. It could, however, exist as the final leg of a b wave correction to the upside. Best to stand aside and don't get too bullish too soon...
Well okey.
What did you use do calculate that target?

Best wishes,
Percentage movement of wave A (approx 85%), then measured the same amount for a possible wave C starting around the possible terminus of wave B. A and C are frequently equal in percentage terms. Adding weight to this is the fact that it precisely corresponds with the bottom of wave 4 (marked IV) in the previous motive wave. ABC zig zags commonly tend to seek out that previous 4th wave extreme. This is not a firm forecast Maddie...just something to consider as a possibility. Only if there's a break to the downside of course :)
I think so too, excellent analysis.
Thanks Kdiav :)
Why did you start your cycle count where you did? Point being there is more data behind your I point and it doesn't seem like a organic start point.
This is bitstamp's maximum data. I understand there were waves 1 and 2 of the cycle degree behind these but since this chart won't go back that far I labelled one smaller degree of trend here as 1 and 2 - simply for demonstration purposes.
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