The coin outlook remains bearish with the 7000 handle as a probable target.
Comment:
The 7000 handle has been breached. Whats next for the Coin. Some resistance levels
need to be breached. But a simple AB=CD or ABC zigzag move of equality suggests the 3500 handle as a probable target. If not lower. Some good news for the bulls is that once corrected and if we stay in a corrective move. ( Contained within parallel lines ) we can expect the move to be fully retraced. But I wouldn't jump on that wagon. We need to see some sort of bottom formation. The question is..do we stay in a corrective move. and where do we get a strong bid from the Bulls. Until otherwise. the 3500 handle is the next probable move
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need to be breached. But a simple AB=CD or ABC zigzag move of equality suggests the 3500 handle as a probable target. If not lower. Some good news for the bulls is that once corrected and if we stay in a corrective move. ( Contained within parallel lines ) we can expect the move to be fully retraced. But I wouldn't jump on that wagon. We need to see some sort of bottom formation. The question is..do we stay in a corrective move. and where do we get a strong bid from the Bulls. Until otherwise. the 3500 handle is the next probable move