modernpicasso

BTC: Potential Bottom Forming at $7850

BITFINEX:BTCUSD   比特幣 / 美元
Observations:
  • Many folks were thinking that the previous ABC correction down to 9583 was done.
  • However, what was anticipated as the next impulse wave seems to have failed.
  • Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead.
  • Based on 1:1 fib extension and support areas, the bottom may potentially be within 7850-8250 range.
  • Key areas to look for within that range is the 0.618 fib, the 0.65 fib (magic pocket) and the subsequent support at 7850.
  • There are also others calling 0.5 fib (8900) as the bottom but I feel that seems a bit shallow but watch for that as well.
  • As we are projecting a C wave down to finish the correction, we will look for a 5 wave formation.
  • Please be patient over the next week or so. We shall likely see a major bull run after this correction.
Disclaimer
For informational purposes only and not deemed as financial advice
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