I believe we have a bull and bear scenario...as has been the case these past few days. Bitcoin
is showing many mixed signals. I'm not going to lie and say I know which way it's going. It tried to breakout after the first ABC
, but failed as denoted by the WXY pattern. It's now finishing the second ABC
. I expect it to finish around the $8,200 area. From there we should see it attempt another impulse wave up. It will find resistance as the yellow lines as well as at the Blue neckline of the prior head and shoulders
pattern. If it can break through these resistance lines, it may be on it's way to test $9,000 again. If it doesn't break the resistance, it will be considered another failed impulse wave up. If it does fail, it should fall back into another ABC
pattern. I welcome your comments and/or criticism.