Final move down or finishing ABC correction up ?
On bitcoin chart, we can see developing triangle - if it becomes valid (= 5 touches of trendlines), than it could break downside/upside.
1) If it breaks downside (more likely), than target of triangle is 8050. After that, we will very likely see some bigger upside move.
2) If it breaks upside, than we will annotate it as "ABC" correction, we will hit 8680 and then we will see continuing downside move.
But first of all, we need to see these 5 touches and then triangle will be valid.
1) If it breaks downside (more likely), than target of triangle is 8050. After that, we will very likely see some bigger upside move.
2) If it breaks upside, than we will annotate it as "ABC" correction, we will hit 8680 and then we will see continuing downside move.
But first of all, we need to see these 5 touches and then triangle will be valid.
Comment:
Now we are in very important zone - if it breaks, it will became probably wave "3" and it won´t be ABC correction, but it will be new uptrend wave.
Comment:
If I consider pretty big amount of people, who are longing right now, I think that this upwards move was only ABC correction and now we should go down. But if we go above 8620, then there no doubt, that it is impulsive upwards wave.