BTCUSD - running or irregular correction?
The price of bitcoin has retracted from the levels near USD 20000 for a second time. Previously it led to an almost 17% correction to USD 16400. After that, the market has set the new top which could be labeled as wave “b”. Thus, the current downward movement may be labeled as wave “c” within running or irregular correction.
The price of BTC may also try to fill the bullish gap USD 17015 - 18275. What is more, the Fibo expansions seem to also be located at these levels. 100% is located at the bottom of the gap and it may be the potential target for the running correction. The next potential target, for irregular correction, may be set by 161,8% at USD 14980.
If one of these levels is defended we may expect the correction to be completed and the new impulse wave may start to occur.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The price of BTC may also try to fill the bullish gap USD 17015 - 18275. What is more, the Fibo expansions seem to also be located at these levels. 100% is located at the bottom of the gap and it may be the potential target for the running correction. The next potential target, for irregular correction, may be set by 161,8% at USD 14980.
If one of these levels is defended we may expect the correction to be completed and the new impulse wave may start to occur.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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