BitcoinLong
BTCUSD. Elliot waves analysis.
Notes on the chart. No doubt, we are in a downtrend. The first 1-2-3-4-5 downside impulse is over and now we have an A-B-C zigzag correction. ZigZag's subwave structure is 5-3-5. We had 5 and 3, now another 5 is ahead. Due to the principle of equality and keeping in mind the typical zigzag's correction size current upside movement should terminate somewher around 15 000. I recommend you the "Elliott Wave Principle: Key to Market Behavior" by Robert R Prechter and A.J. Frost to learn more about Elliot waves and fibonacci.
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