Bitcoin, ABC correction complete?
Back in July I had bullish and bearish targets of 12,000 and 8500 that were finally completed yesterday
As the sell pressure has continued today and we've pulled back around 44% this is the last possible scenario for me for bulls to regain control.
After a couple of hard months for bulls we may have now finished an ABC equal measure move correction (still some scope to go a tad lower). From this point I'd expect at least a 50% retrace back up, likely in an ABC format (in white), this could also end up being the first wave of a new 5 wave structure upwards.
Below these levels, the bull market could be in trouble so for me personally, it's the best time to go long with the little risk - my stop can be pretty tight. If I'm wrong, I'm gone.
Good luck out there!
As the sell pressure has continued today and we've pulled back around 44% this is the last possible scenario for me for bulls to regain control.
After a couple of hard months for bulls we may have now finished an ABC equal measure move correction (still some scope to go a tad lower). From this point I'd expect at least a 50% retrace back up, likely in an ABC format (in white), this could also end up being the first wave of a new 5 wave structure upwards.
Below these levels, the bull market could be in trouble so for me personally, it's the best time to go long with the little risk - my stop can be pretty tight. If I'm wrong, I'm gone.
Good luck out there!
Note
As mentioned before, the scope to go a tad lower has just played out. If we cannot close the daily (and more importantly weekly) at this level, I'm afraid my bias has shifted. The market's volatility will be reduced greatly, perhaps a bounce up to 10k levels, then higher lows, tighter and tighter until the market makes it's decision. Things could get very boring from here it this level is not held and more importantly, recovered by the end of this week.Note
Weekly close recovered, took a while for the engine to get started, it seems the CME had a part to play in the delay. Target was very nearly hit, if this was the A leg, the pull back (B) could be quite deep before the target (C) is met, however as this move looks pretty bullish I'll await further development before any making any trading decision here.
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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.