Bitcoin is sill moving in a major downtrend channel since Februar this year. Now, it is very critical moment for Bitcoin because it need to decide, up or down.
- UP
If we accept that the last ABCDE correction is completed. Then there is a big change the last up leg to be the 1th wave of the new uptrend.
- It look like leading diagonal.
- Current correction is still internal.
- We are on current support line.
So if this is the case I expect the 3th wave, the strongest one, to break out the major downtrend line since Februar this year. And this is where you should go long.
- DOWN
If Bitcoin decide to FAIL again it will complete a triple combo since the beginning of this year and will go down. How far? Most likely to the down line of the downtrend line where the next support zone is too (Look at the arrows on the left side). So If it drop below the current support line this may be the right time to go short.
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Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!