BTC WXYXZ correction, or 200 weekly moving average support
Here is my long term count for Bitcoin. Comprising of 5 motive waves and an extended fifth followed by a WXYXZ correction.
For the final WXYXZ target to play out Bitcoin will need to break the 200 weekly moving average, which is a massive support level. At the time of writing several stock market indexes are also bouncing from the same 200WMA, just so you know this is a massive support across all markets. The second retest of the 200 weekly moving average is a place i do expect another bounce. The 200 weekly MA at the time of writing sits at $3260. This is a price level shorts have to be taking profits, as in theory there should be a bounce on the second touch. If the 200WMA support, and the double bottom supports are broken then an amazing short opportunity arises as Bitcoin will likely face a long and extended bear market and the longer WXYXZ lower target should be hit.
I will be planning my trades carefully and reacting to any changes in the market daily. Should Bitcoin bounce and hold support for a few more touches, bull volume starts to return and price makes higher highs, then the lower price targets are unlikely to be hit, but should support break I will be very aggressive with my short positions and add to them heavily. There really is life changing opportunities for both long and short trades in 2019 across the Cryptocurrency and stock markets.
For the final WXYXZ target to play out Bitcoin will need to break the 200 weekly moving average, which is a massive support level. At the time of writing several stock market indexes are also bouncing from the same 200WMA, just so you know this is a massive support across all markets. The second retest of the 200 weekly moving average is a place i do expect another bounce. The 200 weekly MA at the time of writing sits at $3260. This is a price level shorts have to be taking profits, as in theory there should be a bounce on the second touch. If the 200WMA support, and the double bottom supports are broken then an amazing short opportunity arises as Bitcoin will likely face a long and extended bear market and the longer WXYXZ lower target should be hit.
I will be planning my trades carefully and reacting to any changes in the market daily. Should Bitcoin bounce and hold support for a few more touches, bull volume starts to return and price makes higher highs, then the lower price targets are unlikely to be hit, but should support break I will be very aggressive with my short positions and add to them heavily. There really is life changing opportunities for both long and short trades in 2019 across the Cryptocurrency and stock markets.
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