hey guys welcome to bitcoin XBT update, now recent price action has lots of concerns, due to its complex correction nature, and most likely we're now moving towards a double zigzag correction, which is similar to a simple zigzag but connects with an extra wave X, and this wave X is real headache, coz an X wave adapts different properties, it can be any correction, a zigzag, flat or even a triangle, so things tricky from here to identify an X wave in a chart.
in above chart you'll see that we've already completed the abc corrective pattern, but if you'll see in daily chart you simply can't see the corrective pattern coz its too short by the nature of impulsive wave, and this usually happens when we enter in a multiple correction.
right now we're moving in Wave X which usually travels from 50% to 78.6% of wave W, in some rare casses it can also travel upto 88%. good thing is that we're getting a simple zigzag pattern for wave X, which could lead the prices upto 12950 or above, and then we could fall in a major correction.
keep in mind that we've already completed the 5 wave formation so most likely we will enter in major correction, and this could be easily seen in the weekly charts
above image shows that bitcoin has made a shooting star in weekly chart which is a major pattern for trend reversal, meanwhile we've also succeed to hold the fib382 level in weekly chart.
for the next highs we need to also break fib236 around 12330 and close two daily candles above this level to confirm
meanwhile a pullback could also occur from here as we're forming today's candle as a hanging man
after completing the X wave around 12950 wave Y could drive the prices upto 8800 and this could be the possible outcome for Bitcoin in coming days
things looks better for bulls in short term so you can go long from here, with low risk.
Long #XBTUSD from 11800 - 12000 with 5-10x of leaverage
T1 12350
T2 12550
T3 12950
SL 11500
in above chart you'll see that we've already completed the abc corrective pattern, but if you'll see in daily chart you simply can't see the corrective pattern coz its too short by the nature of impulsive wave, and this usually happens when we enter in a multiple correction.
right now we're moving in Wave X which usually travels from 50% to 78.6% of wave W, in some rare casses it can also travel upto 88%. good thing is that we're getting a simple zigzag pattern for wave X, which could lead the prices upto 12950 or above, and then we could fall in a major correction.
keep in mind that we've already completed the 5 wave formation so most likely we will enter in major correction, and this could be easily seen in the weekly charts
for the next highs we need to also break fib236 around 12330 and close two daily candles above this level to confirm
after completing the X wave around 12950 wave Y could drive the prices upto 8800 and this could be the possible outcome for Bitcoin in coming days
things looks better for bulls in short term so you can go long from here, with low risk.
Long #XBTUSD from 11800 - 12000 with 5-10x of leaverage
T1 12350
T2 12550
T3 12950
SL 11500