BTCUSD Is Printing A Pattern That Should Scare The Bulls
The Bitcoin sharp decline from ~$42000 high is impulsive in nature. Impulse move indicates the direction of a larger trend and according to Elliot Wave theory, at least a three-wave move in the opposite direction follows every impulse.
That's what has been unfolding as a simple zigzag pattern from wave "a" low. Once the three-wave correction is completed in wave "b", which is most likely within the resistance clusters highlighted on the chart, the price is expected to resumes in the direction of the impulse wave.
If this count is correct, sell-off below wave "a" low at around $30395 is plausible in the days ahead. The price must stay below the red line for the setups to remain valid.
This scenario is applicable to Ethereum and Litecoin because they're highly correlated!
What's your thought on Bitcoin? Let me know in the comment.
Thanks for reading,
Veejahbee.
That's what has been unfolding as a simple zigzag pattern from wave "a" low. Once the three-wave correction is completed in wave "b", which is most likely within the resistance clusters highlighted on the chart, the price is expected to resumes in the direction of the impulse wave.
If this count is correct, sell-off below wave "a" low at around $30395 is plausible in the days ahead. The price must stay below the red line for the setups to remain valid.
This scenario is applicable to Ethereum and Litecoin because they're highly correlated!
What's your thought on Bitcoin? Let me know in the comment.
Thanks for reading,
Veejahbee.
