BITCOIN: BEARISH ON THE MONTHLY CHART
I have never been convinced that bitcoin can manage a major rally past $1200 before taking out its previous low of $145 (here labelled as wave [A]). Two rallies that bitcoin has attempted since hitting the major low of $145 have ended up being fakes (and crushing several traders at the same time). The recent rally to $1130 appears to have completed wave [B] which is composed of a zigzag (A)(B)(C). Wave II (composed of [A] & [B] and a developing [C] now appears to be a flat correction.
My expectation for now is for bitcoin to fall to about $131 level before the start of a wave I I I advance. If that happens thenn wave [C] will equal the length of wave [A] ( as expected of the relationship between waves A and C of Flats).
I'll endeavor to post short term charts soon.
My expectation for now is for bitcoin to fall to about $131 level before the start of a wave I I I advance. If that happens thenn wave [C] will equal the length of wave [A] ( as expected of the relationship between waves A and C of Flats).
I'll endeavor to post short term charts soon.
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