- Assuming the previous counts are correct, then BTC completed an ABC correction with a truncated C wave
- This would indicate then that the PRIMARY WAVE 1 and PRIMARY WAVE 2 have completed and that we are now working on the PRIMARY Wave 3
- PRIMARY Wave 3 has already started an impulse move and sub wave 1 moved from $8800 to $1000 where it was rejected.
- Sub wave 2 has already hit .618 fib level and we are waiting to see if/when sub wave 3 will impulse up
- Looking for a bounce off of this level
- Target for wave 3 is $10,400
- Followed by a correction to $10,000 before making a move towards $11300
- This would also satisfy the next target for the PRIMARY WAVE 3
- Followed by a correction to $10,000 before making a move towards $11300
- Potential pathway shown
- A lot of resistance at $9800 and $10,000 levels
- This will have to broken and will only happen with a significant increase in volume
- The 55EMA at $9300 is acting as support
- If that does not hold then $9000 will be the next support zone
- RSI is still bullish, neither oversold nor overbought at this point
- Looking at this on a 4 hour chart with target expectations to hit over the course of days to a week
- Continued consolidation can also be expected before the next bull move up
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