The last time we take a look at BTCUSD I hypothesize that $6000 level is most likely a major A in a large correction from the beginning of 2018
The hypothesis would stand if price rises significantly before dropping below support level.
However this is not so. As BTC price plummets below $6000 in just a few days, signalling that we are looking at something on a larger level.
In this revision, I decided to move A and B back to where they were before the last study and look at what I had assumed to be a w4 within major wave A to actually be a series of 1s and 2s building up for an explosive 3.
With the recent explosion we have hit the fibonacci target for the smallest w3 and we should be moving on to larger degree waves culminating in a major wave C by sometimes around mid to late 2019.
Of course, studies can change at any moment once more information becomes available so stay on your toes.
The hypothesis would stand if price rises significantly before dropping below support level.
However this is not so. As BTC price plummets below $6000 in just a few days, signalling that we are looking at something on a larger level.
In this revision, I decided to move A and B back to where they were before the last study and look at what I had assumed to be a w4 within major wave A to actually be a series of 1s and 2s building up for an explosive 3.
With the recent explosion we have hit the fibonacci target for the smallest w3 and we should be moving on to larger degree waves culminating in a major wave C by sometimes around mid to late 2019.
Of course, studies can change at any moment once more information becomes available so stay on your toes.