BTCUSD. Possible wedge pop soon but I still think a lower low.
5 waves down of current move to complete at wedge bottom.
Slightly odd waves and fibs but it seems to be describing the action.
From there a pop up but I think still a bear market needing a lower low.
Slightly odd waves and fibs but it seems to be describing the action.
From there a pop up but I think still a bear market needing a lower low.
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Had a bit of luck with that one- the pop came right on target! This could now be a low for a while- BTC may now create another wind-up pattern to send price wither higher or lover but I still have a slight bias towards a lowere low being put in...
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Further downside SCENARIO. After 5 small waves down, we will see a correction up. There is a confluence of the downside 1.618 of this with the initial 1.618 from the first drop- which is needs fulfilment for a full ABC correction, also the key S/R level around 5000. This could be a touch of the upside of broken DTL and a buying opportunity. The red lines indicate a wind-up/ wedge pattern that could occur that will send price down (or up!).