BITCOIN: 5-waves down?

November 30 11:33 2018

From the two short term scenarios I presented a couple of days ago at this post “BITCOIN: Breakage confirmed and what to expect…“, I am sorry to tell that the alternative which fits better to the current situation seems to be still the Bearish One.

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BITCOIN price did not manage to keep rising despite the “Double Bottom” and “Bullish Wedge” detected, but not triggered… so, seems that a final 5-3-5 Zig Zag correction is in process…

Having a look to the short term supports and resistance created the last days we may anticipate a possible end of wave 3 down to 3600 USD.

On that level I would expect hesitance and so a 4th but short wave upwards and a final 5th wave down which may be an Extended one since a Head and Shoulders Pattern seems to appear there.

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As you can see, the 5th wave down could lead us to touch again below 3000 USD…

The good news related with this scenario is that after a 5-3-5 correction a new Bull run up may occur, which I hope…

 

@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.

 

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toofasteddie
toofasteddie

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.

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