lewistz

BTC/USD - 5th wave extension - correction to 3rd wave top

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I see our current situation in BTC /USD as extension of the 5th impulse wave. I believe we are going to see a correction to .5 fib retracement from 6184 high to about 5700. From there a possible move up to a new high within the wave channel trend of the extension to 6390, then a swift correction. I believe correction and final completion of 5th wave formation is long overdue and we should land somewhere round 4400 with decent support. I see next support levels after this as 4100, 4000, 3550 ( bottom of second wave). I currently sitting out trading until the dust settles after BTC Gold and Segwit2x. I believe there will be a long overdue correction in the classic 30% BTC /USD fashion and buying opportunity when this occurs.

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