Tommy_Trader

BTCUSD Are we done with correction?

BITFINEX:BTCUSD   Bitcoin
Many traders including myself have been speculating that wave 5 of the big wave C will be projected down around $6,900~$7,350.
It has instead reached down to $7,530, which is exactly the 1.62 Fibonacci extension level of the small wave 1, and have bounced.
Is $7,530 the bottom? Depending on the momentum I previously expected it to drop much lower but there would be nothing wrong if it actually is the bottom. Anywhere around $7,250~$7,650 would be a massive support region.
There are many confluent correlations. Starting with the 1.62 Fibonacci extension of wave 1 that I have mention a moment ago, we can also observe that we are near the golden pocket zone, which I refer it as 0.618~0.65 Fibonacci extension level, of big wave a (image below). Moreover, we are also near the 0.786 Fibonacci retracement level of the entire 0~5 wave structure. Last but not least, we are also right above the major trendline support which have been established from a very long period of time (Orange line).


Now, does this mean that BTCUSD will start new impulsive wave 3?
We might but also might not. Only God knows! Observing the late behaviors of Bitcoin, there always is also a probability that wave failure occurs just like it did on January and February. This will lead to WXY or WXYZ correction. And this is the last thing that I ever want to fucking hear in my life.

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