Bitcoin - Next target is down at 7,611
My preferred count shows that Bitcoin peaked with the test of 11,395 in wave (3) and wave (4) now is developing.
Wave A decline to 9,250 and wave B, which has turned into an expanding flat correction, is expected to peak near 10,905, with an outside chance of making it to 11,227 before tuning lower in wave C. A break below minor support at 10,393 will indicate that wave C is developing.
After an expanded flat correction either in wave 2 or B the following wave likely will be an extended wave and a 161.8% extension of wave A calls for a decline in wave C towards 7,611. This is also close or at the mid-line of the first pitchfork.
Stay tuned for some high volatility swings in the weeks ahead.
Wave A decline to 9,250 and wave B, which has turned into an expanding flat correction, is expected to peak near 10,905, with an outside chance of making it to 11,227 before tuning lower in wave C. A break below minor support at 10,393 will indicate that wave C is developing.
After an expanded flat correction either in wave 2 or B the following wave likely will be an extended wave and a 161.8% extension of wave A calls for a decline in wave C towards 7,611. This is also close or at the mid-line of the first pitchfork.
Stay tuned for some high volatility swings in the weeks ahead.
Related publications
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.