This is how I see BTCUSD playing out in this correction. It looks to be making a Triangle formation (which is formed by 5 ABC waves).
So I would expect two more ABC patterns before finally starting the next bull run.
I expect this current ABC pattern to stop right there at 10.5k since this is the 78.6 retracement of the previous ABC. Also, it coincides with the 200MA in H4.
If price breaks lower, I would expect another type of correction.
So I would expect two more ABC patterns before finally starting the next bull run.
I expect this current ABC pattern to stop right there at 10.5k since this is the 78.6 retracement of the previous ABC. Also, it coincides with the 200MA in H4.
If price breaks lower, I would expect another type of correction.