BTC has completed the third wave down as shown in the picture. Now it is again forming an upward correction or bulltrap (the Wave 4 of c of Y) A likely target for this move is 2070 or 2150.
There will very likely be a final Wave down (wave 5) this week. It might start today or tomorrow.
The alltime high according to bitstamp was 2980, and it is entirely possible that this final wave down could hit the 50% of alltime high retracement at 1490 ! I have come to this conclusion, that this is the most likely tarket because the Wave 3 was very large. It had already hit my target for wave 5. So wave 5 can go much lower... But it does not have to go that low. I will give an update when wave 4 is likely finished and wave 5 has started.
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Please indicate that you resteemed in the comments.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)