If BTC is in the latter stages of a correction then the chart shows where that may happen. I do not label my waves like the "pro's" but only in a way that make sense to me while adhering to the same EW principles.
It would be interesting to see if this scenario can play out but a strong move below that zone and BTC could be in serious trouble (if not already).
It would be interesting to see if this scenario can play out but a strong move below that zone and BTC could be in serious trouble (if not already).
Comment:
Price has nearly reached the lower green support line. It will be interesting to see whether price respects that support line and the lower blue median line.
I use pitchforks to target the end of corrections and those who are familiar with them will notice that I anchored the one point at the lowest closing price around label A and not the lowest wick (Schiff setting). Doing this made the future price action within the pitchfork respect the median lines much better. We will have to see if that choice was the correct one though.