BTCUSD : failed recovery & short-term downside target
BTCUSD failed to go above the terminal point initial leg down, 8980, which was labeled as (A), and slided fast afterwards.
As its price went below 8204.4, which was previously called (C), the movement since May 5 is confirmed to be impulsive. The alternate wave count in the previous post is more relevant and (A) should be seen as (1), (B) as (2), and (C) as (3).
The higher-degree trend is down. Maybe the price will recover after this sharp fall, but it seems difficult to regain 9000 soon.
The target cluster would be 7780 ~ 7950.
(1) Wave (5) = Wave (1), 7874.5
(2) Reverse Fibonacci target, 1.382 x Wave (4), 7944.6
(3) Wave (5) = 0.618 x Wave (1) ~ Wave (3), 7781.0
As the target is not too far, taking position should be very carefully considered.
More chart analyses can be found at:
www.white6intelligence.com
As its price went below 8204.4, which was previously called (C), the movement since May 5 is confirmed to be impulsive. The alternate wave count in the previous post is more relevant and (A) should be seen as (1), (B) as (2), and (C) as (3).
The higher-degree trend is down. Maybe the price will recover after this sharp fall, but it seems difficult to regain 9000 soon.
The target cluster would be 7780 ~ 7950.
(1) Wave (5) = Wave (1), 7874.5
(2) Reverse Fibonacci target, 1.382 x Wave (4), 7944.6
(3) Wave (5) = 0.618 x Wave (1) ~ Wave (3), 7781.0
As the target is not too far, taking position should be very carefully considered.
More chart analyses can be found at:
www.white6intelligence.com
