BTC/USD TECHNICAL ANALYSIS - DOWNTREND IMMINENT
Morning all
Just updating my take on the current BTC prive movement, i previously stated we are commencing corrective wave C, which i think may have been a tad early.
Ideally, we are still in a continuation of corrective wave B and find a local top around 8400 zone before moving into our descent and the beginning of wave C.. This would complete the current H/S formation that is blatantly obvious as shown above.
FIB extension of wave A shows the ideal length of our C wave if this analysis stands true and corrective pattern is respected, i am still looking between .5 and .618 for buys as stated previously, though the C wave area shown could find support as something to keep in mind.
FIB retracement of complete impulse move historically .5 to .618 - standing by this area.
Thanks,
Fray
Just updating my take on the current BTC prive movement, i previously stated we are commencing corrective wave C, which i think may have been a tad early.
Ideally, we are still in a continuation of corrective wave B and find a local top around 8400 zone before moving into our descent and the beginning of wave C.. This would complete the current H/S formation that is blatantly obvious as shown above.
FIB extension of wave A shows the ideal length of our C wave if this analysis stands true and corrective pattern is respected, i am still looking between .5 and .618 for buys as stated previously, though the C wave area shown could find support as something to keep in mind.
FIB retracement of complete impulse move historically .5 to .618 - standing by this area.
Thanks,
Fray