BitcoinShort
BTCUSD lower low is possible
Updated
The recent 5 waves down have held a tight channel, typical of a downwards impulse.
If this is the correct count, then a zigzag (5-3-5) correction is likely. I will be looking to see if the next move up looks to be made of 3 waves.
This would bring retracement back to the 0.786 fib level, not unusual for a wave 2.
The low would likely create a bull wick on the daily chart that pierces through the long term upward trend line then returns back inside. (see my earlier post for the long term trend lines )
If this is the correct count, then a zigzag (5-3-5) correction is likely. I will be looking to see if the next move up looks to be made of 3 waves.
This would bring retracement back to the 0.786 fib level, not unusual for a wave 2.
The low would likely create a bull wick on the daily chart that pierces through the long term upward trend line then returns back inside. (see my earlier post for the long term trend lines )
Note
Still in play.B wave went high though - if count is still valid it means the C wave will likely finish higher than originally thought- about 8k for a 0.618 retracement seems about right and puts us right on the long term upward trend line.
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