BTCN has overlapped the top of wave 4, not what is ideal in an impulsive pattern up, that undermines the bullish interpretation.
pechi123
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There has been manipulation by Robinhood in turning off the Buy Crypto on their app fearing governmental manipulation on funds transferred without being cleared. Though I don't use Robinhood I don't think government has any business limiting freedom of trading other than that which involves criminal acts.
Earlier posts:
Update: Took out 19.90 low but still in sweet spot down to 19.65.
pechi123
3 hours ago
Former resistance 19.60 thru 19.84 can become support and is between fibo .5 & .618, the 19.90 low so far came close to this area and the bounce was very quick, could be impulsive we'll see if that level holds. Irrational exuberance from this morning has subsided significantly from the Crypto complex. Now is time for cooler heads to prevail.
pechi123
3 hours ago
The high of the regular market session so far is 24.18, the pre-market was 24.95. Now a correction has ensued, the low so far is 21.02, that is slightly beyond a fibo .382 at 21.24 (from 16.48-24.18), it could go lower. The larger question is the structure of the correction whether in 3 or 5 waves. There was a medium size volume spike early this morning at higher prices, most buying spikes have occurred at various highs while selling spikes at various lows. I wouldn't be surprised that BTCN revisits its' prior resistance now support at the 34.8 to 34.9K area or lower. Further retracements if bullish are .50 @ 20.33, .618 @ 19.46, .786 @ 18.07. I wouldn't want it to surpass the .618 level but if a wave 2 down it could go as far as $16.48 but no further.
The wave count is more likely to be 1 of 5 but it could be 5 of 3 since 4 only achieved .236 retracement of the advance from $1.90. Usually a 4th wave tends to be in the .382 range which gives me the idea that this was a 4-5 combo within wave 3.