BTCUSD bounced of 1 extension of wave A in latest A-B-C correction forming after ATH at almost 20,000 USD. Critical level to hold was at about 12,500 to 13,000 level which was taken out with strength. After that price movement formed leg C which bounced nearly to the 1 extension of leg A in latest A-B-C correction. Exact level of 1 extension by my measurement is 9,785 and the price at Conibase/GDAX was at lowest point 9,928. Close enough.
Currently, at least for me, there is no clarity for future price movement. There is possibility of further down movement towards 1.681 extension which leg C can touch during further correction. Price level at this point by my measurement is 7,936 which is very close to previous ATH which is also highest value of W1. Moving below this point would invalidate depicted wave count because W4 would go below highest point of W1.
On the other hand, if this is lowest point of W4, price could be setting up for W5, possible levels are 24,828 (1 extension of W3) and 34,000 which is 1.618 extension of W1.
Currently, at least for me, there is no clarity for future price movement. There is possibility of further down movement towards 1.681 extension which leg C can touch during further correction. Price level at this point by my measurement is 7,936 which is very close to previous ATH which is also highest value of W1. Moving below this point would invalidate depicted wave count because W4 would go below highest point of W1.
On the other hand, if this is lowest point of W4, price could be setting up for W5, possible levels are 24,828 (1 extension of W3) and 34,000 which is 1.618 extension of W1.
