After a complex correction bitcoin hit the algo target completing the C wave of the Y wave just short of the 618 fib level which is the HPZ(High Probability Zone) of Wave 2. We got the reaction we were expecting. So the question is, do you think the correction is over? There is another count where this is just the A Wave of the Y. Pick your side, Bull or Bear.
Note
Bitcoin broke the upper channel line with decent volume that held this correction. It has hit strong resistence at the 618 and rolled over. While breaking through the upper channel line on volume is a point for the bulls the Wave structure isn't pretty. We now look to see if bitcoin can find some support. I am going to post the bear chart (short term) to give a potential roadmap.
Certified Elliott Wave Analyst - Crypto - Futures - FX
Twitter: twitter.com/HovWaves
Twitter: twitter.com/HovWaves
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Certified Elliott Wave Analyst - Crypto - Futures - FX
Twitter: twitter.com/HovWaves
Twitter: twitter.com/HovWaves
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.