Price on Bitcoin still into a down trend (red channel) that may be a corrective pattern, complex correction WXY(black count).
As I mentioned in the previous count (see the related idea) we started to go to the downside after price was rejected into the 0.5 (28430) fib retracement of the X wave.
The correction may end at the 0.5 (23255) fib retracement of the all up trend where also we have 1:1 proportion W vs Y waves.
At this moment price is approaching 0.618 (25235) proportion W vs Y waves where we have a heavy support zone and I am expecting the price to bounce.
If the price will not break this heavy support zone and will start to go up. only if it break out the channel and will take up 28430 level we can say that the correction is completed and the trend changed to the upside again.
Probably the Y (black count) wave will take the form of a complex correction (blue count) as we had into the W (black count) wave.
Also this WXY correction may transform into a leading diagonal but is not the time to talk about it because is too early!!! Only I want to signal that at this moment we have an ABC to the upside (All up trend started from 15460) and things could be worse!!!
Hit the like button and follow me for future counts if you like my analysis.
Good luck!
As I mentioned in the previous count (see the related idea) we started to go to the downside after price was rejected into the 0.5 (28430) fib retracement of the X wave.
The correction may end at the 0.5 (23255) fib retracement of the all up trend where also we have 1:1 proportion W vs Y waves.
At this moment price is approaching 0.618 (25235) proportion W vs Y waves where we have a heavy support zone and I am expecting the price to bounce.
If the price will not break this heavy support zone and will start to go up. only if it break out the channel and will take up 28430 level we can say that the correction is completed and the trend changed to the upside again.
Probably the Y (black count) wave will take the form of a complex correction (blue count) as we had into the W (black count) wave.
Also this WXY correction may transform into a leading diagonal but is not the time to talk about it because is too early!!! Only I want to signal that at this moment we have an ABC to the upside (All up trend started from 15460) and things could be worse!!!
Hit the like button and follow me for future counts if you like my analysis.
Good luck!
As I see this as an extended flat correction