BITCOIN: 5-3-5 on going…

December 04 14:28 2018 Print This Article

As a Follow-up of my post published 4 days ago on which I prevented about a ZIG-ZAG correction structure on BTC/USD pair, the status is more or less the same.

BITCOIN completed a 5 waves downwards move, touching the 3600/3500 USD level (A), on which it rebounded as a kind of (a)(b)(c) formation upwards till 4400 USD (B).

In order to complete the ZIG-ZAG structure we would need to see 5 waves down (C)., two of them (i, ii) have been detected and the third (iii) is still on going.

I am setting as a possible “ground” for the 5th wave (v)  landing the same depth as the height of the (a)(b)(c) (B) formation…2927 USD but it may reach lower, perhaps 2800 USD.

We have to be careful here because a sudden drop of the terminal 5th wave can also bring us even lower because the panic sellers will appear…

By “Sudden Drop” I mean, if BITCOIN falls in a fast way (i.e. 500 USD in a couple of hours), the panic may appear and bring all the market to the “catacombs”.

Perhaps would be good to reserve some FIAT aside in case the “Catacombs” scenario finally appears…

With all of these I am not telling that the Correction will be completed but, IMO, it seems that at least that 5-3-5 formation will be done… What will happen afterwards only the “Market God” knows 🙂

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

view more articles

About Article Author

Too Fast Eddie
Too Fast Eddie

Superconducting Engineer working for the development of the Fusion Energy, Dad, Crypto-Enthusiast and Runner addicted. I am in a "Continuous Learning Mode" as well I am always willing to share my knowledge about the fields and topics related with trading, Cryptocurrencies, Blockchain technologies and Sports, in particular Running and Athletics.

View More Articles
write a comment

0 Comments

No Comments Yet!

You can be the one to start a conversation.

Add a Comment