Dont be fooled, this could be the wave B of an ABC correction. I will not be convinced until we breakout above $11,300 and retest that level as support
Wow the very first analyst I've seen who's pointed out that glaring obvious! Good job. Well I guess it's still unpopular to post on BTC corrections. That said ...Wave labelled A looks like a three wave structure, so B wave could still be a flat and retrace past A's starting point (12500).
CryptoMainly
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@innocentAccoun35113, thank you for commenting.... what do you think now we have a little more data?
innocentAccoun35113
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@CryptoMainly A double zigzag from lows of 9825 has completed. Unfortunately from here there are still many possibilities from an Ellioticians perspective. For example it could develop higher via a triple zigzag ending with a triangle before going back down to break 9825 lows; The B wave upwards could develop into a much bigger complex correction were the above possible triple zigzag is just simply completing a W...The goal of the B wave is to retrace at minimum 61.8% of A. But more likely it will go even higher touching or surpassing this year's high ...Until there is more data...all I can do is speculate.
CryptoMainly
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@innocentAccoun35113, That is always the trouble with TA, it is open to interpretation of data that is historic. No wonder it is so complex to make any money :-)
innocentAccoun35113
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@CryptoMainly Yes it's hard... but doable. I trade infrequently but my trades last months. I mark the worse/ near worse case scenarios using TA - usually levels that the herd always bet against. So three years back When gpbusp crashed I rode it down. Recently I bought a couple bitcoin when btcusd touched 4K - I'd been waited nearly two years for that.
innocentAccoun35113
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The point is I do my research, set my alarms to tell me when those levels are hit and jump in. Every decent retrace I jump back in ...
Well I guess it's still unpopular to post on BTC corrections. That said ...Wave labelled A looks like a three wave structure, so B wave could still be a flat and retrace past A's starting point (12500).