As I wrote yesterday here, a couple of hours ago, BITCOIN has broken the Bear Flag which conformed the 4th and it is now reaching the end of the 5th.
As expected, BTC is getting some support close to 61.8 Fibonacci's Retracement which is placed around 3550 USD so, I hope this ground is strong enough to sustain the drop now... (Dashed line).
Since my count is still keeping its validity, I would bet for the start of an upwards move, creating the "B" leg of the correction.
This "B" leg must be composed by 3 waves...and what happens after completing 5 waves down + 3 waves Up?... the most likely is another set of 5-waves down...forming one of the most recurrent A-B-C corrective cycle, the Zig-Zag Correction (5-3-5).
The positive view is that, at the end of the 5-3-5 (exactly at "C") a reversal is likely to appear again...
That "C" level I put in the next FIBONACCI retracement level, or, in this case around 3268 USD (78.6%)... below that point...I prefer not to think about but, IMHO, the BEARISH would confirm the total supremacy...
However, I am not going to deny that it is indeed a more interesting situation than the one we have observed till now. Everything is depending in the nexts BITCOIN movements in short time.
Take care
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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