Bitcoin Intraday analysis; ABC to upside completed!
Bitcoin has completed an ABC correction to the upside in which we had an intial 5 wave impulse wave off the $18200 lows to form A wave , we then had a 5-3-5 sub wave structure to form the B wave at a low of $18650 before embarking on a C wave incline which was extremely impulsive with clear subwave structure as identified on the chart. Notably; price rejected on the ~1.382 fib extension of A wave to a tee, and appears to have formed 5 waves to complete the C wave. Where does price head from here?
There is possbility that a WXY complex corrective structure has been completed; essentially a triple zig-zag forming a Wave 2 completion. Of which a 3rd wave to the downside could be imminent to the $15500 area, if you have followed my previous ideas, it is conceptualised that a possible 1,2 , 1,2 impulse structure to the downside has been formed from the MACRO WAVE 4 TOP at ~$25200 which can take Price towards $10,800 area, of course targets will be more easily projected as price progesses.
Confirmation of bearish sentiment depends on how support areas at $19650-$19800 react aswell as other regions bitcoin has consolidated in the previous month.
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There is possbility that a WXY complex corrective structure has been completed; essentially a triple zig-zag forming a Wave 2 completion. Of which a 3rd wave to the downside could be imminent to the $15500 area, if you have followed my previous ideas, it is conceptualised that a possible 1,2 , 1,2 impulse structure to the downside has been formed from the MACRO WAVE 4 TOP at ~$25200 which can take Price towards $10,800 area, of course targets will be more easily projected as price progesses.
Confirmation of bearish sentiment depends on how support areas at $19650-$19800 react aswell as other regions bitcoin has consolidated in the previous month.
Please like and follow for more advanced elliot wave forecast!