BTC Bearish Scenario
- We have just completed a B wave upwards.
- We are currently in the C wave.
- Likely bottom between $8252 - $8032
- This will trigger the start of wave 3 which could
hit between $9998 - $11138 depending on the
BTC Bullish Scenario
- We are currently in correction from sub wave 1,
of wave 1.
- Likely to hit the 0.886 with a 4 hr Stoch-RSI
-If this scenario plays out, a target could be around
$9080-$9500 depending on market sentiment.
BTC has completed wave 1 in a form of a leading first wave diagonal. Consequently, a small retracement will be in play to the likely range of $10.7k. If this range holds we could see BTC instantly begin shooting up towards the $13k ranges.
BTC has completed 5 waves up and is therefore, retracing and correcting.
I believe there are two likely scenarios for BTC: A retracement to $9k (0.5 fib level). Or more likely, a retracement to $8.2k where strong support is found, as well as the retracement hitting 0.618, 'the golden zone'.
However, as traders we must be prepared for any possible scenario, so...