Luettis

BTC still in correction

Short
Luettis Updated   
BITFINEX:BTCUSD   Bitcoin
BTC has formed a shoulder - head - shoulder pattern. The right shoulder has been the beginning of the first corrective wave A.

A new a-b-c pattern formed a second left shoulder, followed by the 2. head what was the end of the impulse wave B.
BTC is now in the third corrective wave C and has formed in the same time the 2. right shoulder.

I expect the end of wave C on or below the support zone (blue rectangle).
Comment:
BTC has finished the first correction move A B C (with a b c within) , followed by an motive wave-formation. the first two moves (1) (2) are always recognizable. We´re now in the motive wave (3).
I expect the last impulse wave (5) to lead the price up to the last ATH - forming a double top - formation.
This could be the start of the next correction wave A B C.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.