continue correction in wxy format, after local growth
Bitcoin still draws the correctional movement wxy, the essence of the model has not changed, only the appearance has changed. We thought that the price forms a triangle as a pattern of the continuation of the trend (downward), but did not take into account the factor that another half of the traders also thought about it. In general, they will be right if their short position is not liquidated after local growth. In my opinion, the price is now drawing a zigzag abc with a supposedly ending diagonal triangle in the wave c of x (all points are described on the chart). That is, in the near future we can still expect a local upward movement with the full removal of shorts of holders to the area of 6950 7060, from where the downward movement is likely to continue with targets at 6600 and below.
A change in the downtrend to the upward trend will most likely be considered an exit above 7060. So far, I do not see an exit above 7060 from these marks. There are no obvious impulse movements and tech
A change in the downtrend to the upward trend will most likely be considered an exit above 7060. So far, I do not see an exit above 7060 from these marks. There are no obvious impulse movements and tech
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.