Bitcoin Correction Is it Over?
Actualizado
Taking the price movement from an Elliott wave Perspective. Are we in a ABC correction?
We have had 5 waves down from the Top. We have bounced. Is this the B wave which is made up of 3 smaller waves abc. Are we currently in the c wave to complete the larger B wave. Often small c waves are of a similar size as small wave a, which would complete around the 48-50k mark. From there we get another 5 waves down in the direction of the the larger wave A to complete wave C of the overall ABC correction.
I don't think this price action points to a V shaped bottom and the start of a new Bull Market. If it was there would have been a clear 3 waves from the top. In over words the ABC would have been done but we had 5 waves, which points to the fact that the story is not over.
We'll see. Parking funds on the sideline when Bitcoin gets to 48k and watch and wait
We have had 5 waves down from the Top. We have bounced. Is this the B wave which is made up of 3 smaller waves abc. Are we currently in the c wave to complete the larger B wave. Often small c waves are of a similar size as small wave a, which would complete around the 48-50k mark. From there we get another 5 waves down in the direction of the the larger wave A to complete wave C of the overall ABC correction.
I don't think this price action points to a V shaped bottom and the start of a new Bull Market. If it was there would have been a clear 3 waves from the top. In over words the ABC would have been done but we had 5 waves, which points to the fact that the story is not over.
We'll see. Parking funds on the sideline when Bitcoin gets to 48k and watch and wait
Nota
Should be getting in the final stages of this B wave bounce. To keep this forecast in tact selling will have to begin after a last gasp move up. Critical support levels will be approx 37.5K. If this gives way then look for a test of the previous lows at 29k.On the upside if 50K gives way then this forecast will be voided. See what happens
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