BitcoinShort
Bitcoin (BTC/USD) correction scenario
After the big run up the price of Bitcoin corrected in an ABC manner, after which there's another corrective pattern. At first, it looked like an ABCDE triangle, but after further inspection and counting, I have concluded that this is, in fact, a WXYXZ correction of a smaller degree. It's pretty much the same for the long-term perspective of the price action - wave E would end on the same side as wave Z would and that is on the upside, which means that the price is going down afterward. I think that the first ABC zigzag, the current WXYXZ and then another down move probably in a form of another zigzag ABC will structure a higher degree WXY correction.
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