Bitcoin (BTC) - one to one 5th Wave at 7450$ or 6000$ scenario
In my last post from yesterday I gave two possible targets for completion of the 5th Wave of the C leg. Double bottom at 7700$ or one to one 5th Wave at 7450$. Unfortunately the double bottom scenario is not anymore in play.
With the data from the last 24 hours we can count clearly 5 Wave structure down where the 4th and 5th Wave are still missing. This structure should complete the last 5th Wave of the C leg.
I expect the missing 4th Wave to end somewhere between 0.236 Fibo (7630$) and 0.382 Fibo (7720$) levels where is the end of 1th Wave too.
The missing 5th Wave can do:
1) Double bottom at 0.887 Fibo (7450$)
2) One to one extension of 1th Wave.
- Blue color: If the 4th Wave end by the 0.382 Fibo (7720$) then the 5th Wave should end at 7290$
- Yellow color: If the 4th Wave end by the 0.236 Fibo (7630$) then the 5th Wave should end at 7240$ doing double bottom with the start the whole structure.
Please take under consideration that everything under 7450$ is very critical zone and the market could decide to tank again. If the price go below 7240$ we need to accept a fail and another ABC correction down will come into play with possible target between 4000$ and 6000$.
Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!