Good morning my fellow Bitcoinistas!
I'm taking a long weekend and won't be back until next week so I thought I would post my current thoughts. As you know from my last post I think we are trying to complete a 5-3-5 Zig Zag to complete this complex correction. If true, waves 1 and 2 are complete. I've drawn what I believe to be two possibilities to finish the pattern. Keep in mind that wave 5 of either count could end at any time. It all depends on where Waves 3 and 4 end which has not been completely defined yet.
The orange horizontal line at $9,100 is the 20 Week moving average and should act as support. I would not expect the price to stay below it for long. Also keep in mind that if my count is off it may be possible for wave 5 to end where the blue wave 3 is currently located on the chart at $9,100 which would also make sense.
The bottom line is I think we are getting close to ending the overall correction.
Good luck this weekend, see you next week!
BBS out.
I'm taking a long weekend and won't be back until next week so I thought I would post my current thoughts. As you know from my last post I think we are trying to complete a 5-3-5 Zig Zag to complete this complex correction. If true, waves 1 and 2 are complete. I've drawn what I believe to be two possibilities to finish the pattern. Keep in mind that wave 5 of either count could end at any time. It all depends on where Waves 3 and 4 end which has not been completely defined yet.
The orange horizontal line at $9,100 is the 20 Week moving average and should act as support. I would not expect the price to stay below it for long. Also keep in mind that if my count is off it may be possible for wave 5 to end where the blue wave 3 is currently located on the chart at $9,100 which would also make sense.
The bottom line is I think we are getting close to ending the overall correction.
Good luck this weekend, see you next week!
BBS out.
Trade closed: target reached