BTC/USD - the end of the correction?
The price of bitcoin could end the possible correction which was equal to 31 percent from the record high. From the technical point of the price drawn a potential ABC pattern as a simple correction. Wave C was almost equal to the 100 percent of wave A which could be typical for ABC pattern.
What is more at the possible end of wave C we could spot a larger volume with a potentially bullish candlestick pattern. So if the line drawn through the tops is broken the market may rise towards the top of wave B at 37857 USD. However, if this level is also broken we could expect another rally to the record high.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more at the possible end of wave C we could spot a larger volume with a potentially bullish candlestick pattern. So if the line drawn through the tops is broken the market may rise towards the top of wave B at 37857 USD. However, if this level is also broken we could expect another rally to the record high.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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