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Elliot Wave: Can we see one leg down on Bitcoin?
In my previous analysis, I stated that the previous correction on BTCUSD is shallow with regards to the impulse move it's correcting and Bitcoin could make a w-x-y double zigzag pattern.
Since then, we've got a sell-off which seems to be wave (a) of the second zigzag. Now, I'm expecting a relief rally to retest the broken support level in wave (b).
Once wave (b) is completed, I will be anticipating a decline in wave (c) to complete the double zigzag pattern.
The potential target for wave (c) is the key weekly support level around $8300.
Do you think the correction is over? Let me know in the comment.
Thanks.
Since then, we've got a sell-off which seems to be wave (a) of the second zigzag. Now, I'm expecting a relief rally to retest the broken support level in wave (b).
Once wave (b) is completed, I will be anticipating a decline in wave (c) to complete the double zigzag pattern.
The potential target for wave (c) is the key weekly support level around $8300.
Do you think the correction is over? Let me know in the comment.
Thanks.
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