Good morning Traders
Bitcoin (BTC/USD) has been expanding in a corrective manner since the covid crash back in March.
I reckon there's a pretty decent possibility that the current uptrend and final C wave of (B) completes somewhere between $16-19k to complete a macro regular flat correction.
IMO we should get a 1:1 extension of (A) which would have bitcoin retesting an untested weekly order block above $14690 with potential for an untapped liquidity grab above $17.2k.
ITO time, I'm expecting (B) to complete close to the end of 2020 with confluence of fib time zones (one beginning at the start of the 2015 macro uptrend and the other beginning at the end of that uptrend and beginning of the current macro correction in December 2017).
Bitcoin might have broken above major trendline resistance, when connecting the highs, however the same can not yet be said about RSI, with major momentum resistance still ahead.
Once B is complete, I'm expecting a 0.618 golden retracement of B in the form of a 5 wave impulse to complete macro wave C, potentially only completing the macro correction sometime at the end of 2022. A 0.618 retracement has confluence with channel support and a major weekly demand zone at around $6k.
Good luck and happy trading!
Bitcoin (BTC/USD) has been expanding in a corrective manner since the covid crash back in March.
I reckon there's a pretty decent possibility that the current uptrend and final C wave of (B) completes somewhere between $16-19k to complete a macro regular flat correction.
IMO we should get a 1:1 extension of (A) which would have bitcoin retesting an untested weekly order block above $14690 with potential for an untapped liquidity grab above $17.2k.
ITO time, I'm expecting (B) to complete close to the end of 2020 with confluence of fib time zones (one beginning at the start of the 2015 macro uptrend and the other beginning at the end of that uptrend and beginning of the current macro correction in December 2017).
Bitcoin might have broken above major trendline resistance, when connecting the highs, however the same can not yet be said about RSI, with major momentum resistance still ahead.
Once B is complete, I'm expecting a 0.618 golden retracement of B in the form of a 5 wave impulse to complete macro wave C, potentially only completing the macro correction sometime at the end of 2022. A 0.618 retracement has confluence with channel support and a major weekly demand zone at around $6k.
Good luck and happy trading!
