BTC preparing for another leg down! Target is roughly $8,000.
BTC is currently going through an ABC Zig-Zag correction. We have had 4 waves down in the current Primary C wave and are preparing for the fifth. Here is an overview of the entire corrective count.
Here's a closer look at the current subwave count:
As you can see, we have a Zig-Zag correction for the 4th wave. It has also formed a bear flag that is confirmed by volume!
If we take a look at the MACD and RSI, we can also see some bearish divergence:
As for the time frame, I believe this wave down might take around 3 days. TA is normally indicative of price pathway (not timeframe!), but we can see a clear pattern amongst the timeframe for the last 4 waves.
Happy trading, folks! Feel free to comment with any questions you might have.
Legal Disclaimer: This is only my opinion. This is not advice nor recommendation to either buy or sell anything! This is meant for entertainment purposes only.
Very thorough and educating TA man! I’m actually hoping it goes down, I’m wanting to buy more lol.
Thanks! I'll be posting tutorials and such in the future.
It just broke down from the bearflag! :)I'm looking to buy more as well.
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