Bitcoin/USD - Support seen near 3,300
Bitcoin is currently correcting in wave 4.
My preferred count for wave 4 is, that a running triangle is developing. Wave C is currently unfolding and should see support near 3,300 for a rally in wave D closer to 4,378 or slightly above. Before turning lower in wave E to complete wave 4 and setting the stage for a strong rally in wave 5.
The ongoing decline in wave C, should mark the lowest point for the ongoing correction in wave 4.
Looking back at the previous impulsive rallies, we can see that the fifth wave normally extends, if this also is the case this time, then wave 5 could move all the way up to 9,150.
The alternate count for wave 4 is that an expanded flat correction is developing. If this is the case, then the correction in wave 4 should be close to completion for a new impulsive rally in wave 5. Under this count a break directly above 4,980 should be seen. This is my alternate count, but none the less a valid count.
My preferred count for wave 4 is, that a running triangle is developing. Wave C is currently unfolding and should see support near 3,300 for a rally in wave D closer to 4,378 or slightly above. Before turning lower in wave E to complete wave 4 and setting the stage for a strong rally in wave 5.
The ongoing decline in wave C, should mark the lowest point for the ongoing correction in wave 4.
Looking back at the previous impulsive rallies, we can see that the fifth wave normally extends, if this also is the case this time, then wave 5 could move all the way up to 9,150.
The alternate count for wave 4 is that an expanded flat correction is developing. If this is the case, then the correction in wave 4 should be close to completion for a new impulsive rally in wave 5. Under this count a break directly above 4,980 should be seen. This is my alternate count, but none the less a valid count.
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