Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I posted some charts before showing a couple of triangle possibilities for the current sideways price action. Because price continues to abide by the top trendline, this scenario is becoming more likely where the larger B wave has ended, and we are setting up for a double-nested 1 2 i ii down within the C wave. The target area of the i-ii (cyan impulse) is boxed, with some confluence on the red impulse 3rd-wave 1.414 Fibonacci target.
I don't expect the overall retracement to end there, but that is an analysis for another time on another chart.
I am part of a trading group where we discuss EW counts and analysis of bitcoin and other cryptocurrencies. If you're interested in joining, drop me a PM.
Comment
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Needless to say this possibility has been ruled out. my other triangle count is playing out nicely