BTCUSD: Is it still a corrective wave or an impulse wave?
I am still counting the waves in a corrective mood but the current level seems very important to keep this view.
After making a bit short three-wave rally (B), BTCUSD fell aggressively.
It stopped at the area of a Fibonacci cluster:
(1) (C) = 0.618 x (A), 7367.8
(2) (C) = 2 x (B), 7206.0 (reverse Fibonacci)
(3) ((2)) = 0.786 x ((1)), 7188.0
If the price will recover from this area to above the down trend channel, it will give more confidence to the current wave count.
Otherwise, more bearish count can be applied. One example would be the alternate count in orange.
It is not impossible that (C) will run down to actual (A) = (C) target of 6579. Sometimes wave ((2)) retraces almost 100% of ((1)). However, it is difficult to call it for now.
More charts can be found at www.white6intelligence.com
After making a bit short three-wave rally (B), BTCUSD fell aggressively.
It stopped at the area of a Fibonacci cluster:
(1) (C) = 0.618 x (A), 7367.8
(2) (C) = 2 x (B), 7206.0 (reverse Fibonacci)
(3) ((2)) = 0.786 x ((1)), 7188.0
If the price will recover from this area to above the down trend channel, it will give more confidence to the current wave count.
Otherwise, more bearish count can be applied. One example would be the alternate count in orange.
It is not impossible that (C) will run down to actual (A) = (C) target of 6579. Sometimes wave ((2)) retraces almost 100% of ((1)). However, it is difficult to call it for now.
More charts can be found at www.white6intelligence.com
