I see this as an still uncomplete correction to the downside. Scenario is exactly the same as BTC turning bearish very soon. I think that this move to the downside wont be too sudden and could take their time.
Not the place to turn bullish now
Everything has played out very nicely so far. We have had an impulse down for A, now a correction seems to be playing out for B and I'm looking for an impulsive C towards the 24k area. I have two big levels of interest, 43k and 48k, but I have a really accurate confluence on 43k where the 50 fib and the algo target for the impulse coincide. Looking to short BTC...
Beautiful impulse forming on the LTF of SNAP. Wave 3 is done and I would be expecting it to finish a corrective move, either a basic zig zag or a potential triangle which is very typical for waves 4, in between the 382 and the 50 fib. I will be looking at longs towards the algo target very very soon.
Lovely chart ;)