BTC: Potential Bottom Forming at $7850

Observations:

Many folks were thinking that the previous ABC correction down to 9583 was done.
However, what was anticipated as the next impulse wave seems to have failed.
Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead.
Based on 1:1 fib extension and support areas, the bottom may potentially be within 7850-8250 range.
Key areas to look for within that range is the 0.618 fib, the 0.65 fib (magic pocket) and the subsequent support at 7850.
There are also others calling 0.5 fib (8900) as the bottom but I feel that seems a bit shallow but watch for that as well.
As we are projecting a C wave down to finish the correction, we will look for a 5 wave formation.
Please be patient over the next week or so. We shall likely see a major bull run after this correction.

Disclaimer
For informational purposes only and not deemed as financial advice

modernpicasso

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