ABC correction failure and forming a double combo WYZ correction
I would like to give a quick update on BTC price action
+ ABC correction failure
+ Impulsive channel broke and bearish outlook
+ Potential double combo WXY correction
As mentioned in the previous update, bull run indicators have failed us but risks were recommended at a great consideration.
Two selloffs have triggered a strong downward price momentum for BTC and broke the ABC correction with impulsive channel.
At this stage, the very possible bearish scenario is the double combo Elliott correction wave which is well heading BTC to 0.618 and 0.786. This also forms a parallel channel. BTC might just bounce back from from wave W to the recover wave X within 0.618 and 0.5 Fibonacci Level but then but it would fall steeper to 0.786 to finish off the double combo correction phase WXY
Previous
If you find the TA is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
+ ABC correction failure
+ Impulsive channel broke and bearish outlook
+ Potential double combo WXY correction
As mentioned in the previous update, bull run indicators have failed us but risks were recommended at a great consideration.
Two selloffs have triggered a strong downward price momentum for BTC and broke the ABC correction with impulsive channel.
At this stage, the very possible bearish scenario is the double combo Elliott correction wave which is well heading BTC to 0.618 and 0.786. This also forms a parallel channel. BTC might just bounce back from from wave W to the recover wave X within 0.618 and 0.5 Fibonacci Level but then but it would fall steeper to 0.786 to finish off the double combo correction phase WXY
Previous
If you find the TA is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
Comment:
Apologies for the title *WXY Correction*
Comment:
BULL RUN IS STARTING
