aibek

Bitcoin (BTCUSD). Correction became complex. Double three (WXY).

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Main coin is still in a correction. It became more complex to shape double three w-x-y model.
Parallel channel's upside shows the area where wave Y is equal to wave W.
It will be the minimum target around $18k. It perfectly coincides with the 78.6% Fibonacci retracement level.
Correction also could make the full retracement to the previous major top around $20k.
I highlighted the target area of possible wave Y development with orange rectangle .
After that we could see another drop within a second leg of correction in bitcoin .
The target for that move down should be recalculated once the wave Y is done.
Comment: Update
Comment: Similarity in consolidation phase
Comment:
Comment: Another possible option
Comment: Trend channel's downside confirms the minimum target
Trade closed: target reached

Comments

Isnt that basically EXACTLY what I said? :)
Reply
aibek Matce
@Matce, :-))) several options - sometimes we need time to see them all
Reply
Catch the like bro!
Reply
aibek babaika
@babaika, thanks bro!
Reply
Looks to me like a bounce of the trendline... target 18500/19000?
Reply
aibek Matce
@Matce, don't think so friend, I updated annotations for you in the chart below
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter