Reads pretty much like my Litcoin CHart.
BTC had an end of the first impulse wave up completing in a 5 wave structure. BTC goes into an ABC Corrective Wave. The A wave has completed in another impulse move down 5 wave structure. Wave B is now complete with The Big Red Dump. So where does Wave C End? .......Look left for structure. I'd layer Buys in starting at $8,400 down to $7,800 (Not that I think we get that far down). Most likely we will bounce off just below the 50% retracement line around $8,000.00
Unless this is just a bull trap and we head on down to $5,000.
If it were me I'd place my STOP LOSS just below the .618 FIB. in this case about. $7,450.
BTC had an end of the first impulse wave up completing in a 5 wave structure. BTC goes into an ABC Corrective Wave. The A wave has completed in another impulse move down 5 wave structure. Wave B is now complete with The Big Red Dump. So where does Wave C End? .......Look left for structure. I'd layer Buys in starting at $8,400 down to $7,800 (Not that I think we get that far down). Most likely we will bounce off just below the 50% retracement line around $8,000.00
Unless this is just a bull trap and we head on down to $5,000.
If it were me I'd place my STOP LOSS just below the .618 FIB. in this case about. $7,450.