Kryptotrejder

BTC - WXYXZ correction

Short
BITSTAMP:BTCUSD   Bitcoin
After reaching local maximum of 10.500$, we see correction in bullish flag. This flag contains triple ZigZag with ZigZag X-waves (WXYXZ). It means that both X-waves cointain ABC simple ZigZags. Market price is at the point Z right now, so potentially there is a possibility to bounce upwards on this support but more possible is to finish target of WXYXZ. The most common target of this pattern is extension 1.618 of the last wave. In our case - value 8.550$. On this level we can also see 50% retracement of whole uptrend from past. There was created local maximum on this level too.
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