I was wrong and BTC kept climbing a bit further before losing steam on the latest run. It looks to me like we are near the end of wave B of this ABC correction within wave 2 of a bullish trend.
I'm new to EW analysis so please let me know if anything seems to break the wave formation rules/guidelines. As far as I can tell everything conforms. For wave C down I just copy/pasted wave A, but it is likely to play out differently than wave A.
If the current 5th wave rally breaks the top of wave 3, then maybe my analysis is faulty and BTC will continue climbing immediately!
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I'm aiming to buy between 7600 and 6000 and then hold for a couple days
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Forgot to add: BTC seems to be moving in truncated 5ths right now, with one at the larger degree starting this current correction, and a smaller degree truncated 5th on wave A of B, and now possibly another on wave C of B.
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Well I had wave 2 of C drawn in a bit short, but things still seem to be going according to plan? I'm waiting for 7600
Another good call however the actual main truncated 5th wave occurred at $11200 on the greater trend. That is what worries me with going long in a potential bull market failure. You are right with this "truncated 5th" but we need to call it in advance for the bottom of the next leg down to complete. This $9000 retracement was more of a bearish cypher harmonic pattern. However the current price action suggests a potential move to $6100 if the bears take over the weekly and the following week
brettfb
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@atorrealba, Thanks! I think I agree regarding the main truncated 5th wave. I published this a while back, although it was on a Binance chart I believe, so it may show the price a bit higher:
So far it's held up. Hopefully it was just a zigzag and a correction, but I suppose that remains to be seen in the next week or two here as you've mentioned. Only time will tell, I suppose!
almiftahdz
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thanks for sharing man
brettfb
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@almiftahdz, Thanks for the comment! I've found its easier not to cancel my orders and change my mind when I have these handy dandy charts to look back on.