Bitcoin Correction Is it Over?
Taking the price movement from an Elliott wave Perspective. Are we in a ABC correction?
We have had 5 waves down from the Top. We have bounced. Is this the B wave which is made up of 3 smaller waves abc. Are we currently in the c wave to complete the larger B wave. Often small c waves are of a similar size as small wave a, which would complete around the 48-50k mark. From there we get another 5 waves down in the direction of the the larger wave A to complete wave C of the overall ABC correction.
I don't think this price action points to a V shaped bottom and the start of a new Bull Market. If it was there would have been a clear 3 waves from the top. In over words the ABC would have been done but we had 5 waves, which points to the fact that the story is not over.
We'll see. Parking funds on the sideline when Bitcoin gets to 48k and watch and wait
We have had 5 waves down from the Top. We have bounced. Is this the B wave which is made up of 3 smaller waves abc. Are we currently in the c wave to complete the larger B wave. Often small c waves are of a similar size as small wave a, which would complete around the 48-50k mark. From there we get another 5 waves down in the direction of the the larger wave A to complete wave C of the overall ABC correction.
I don't think this price action points to a V shaped bottom and the start of a new Bull Market. If it was there would have been a clear 3 waves from the top. In over words the ABC would have been done but we had 5 waves, which points to the fact that the story is not over.
We'll see. Parking funds on the sideline when Bitcoin gets to 48k and watch and wait
Comment:
Should be getting in the final stages of this B wave bounce. To keep this forecast in tact selling will have to begin after a last gasp move up. Critical support levels will be approx 37.5K. If this gives way then look for a test of the previous lows at 29k.On the upside if 50K gives way then this forecast will be voided. See what happens