Bitcoin (BTC) Morning Analysis: A Correction Potential at around $6,400 or so....Find out how low correction could be in this analysis!

SUMMARY

Bitcoin (BTC) is cruising to the path we had indicated. But as Elliott Wave states, all five waves have a requisite three wave retracements. This means that the blue roman numeral waves i,ii,iii,iv,v map out fives waves of roman numeral circled white wave iii. These five blue waves must be followed by an a,b,c (red) correction and these red waves will make up the sub waves of white circled roman numeral wave iv. The expected retracement could dip to around $5,400 but as low as $5,100 which is in the zone of the prior wave 4 of a lesser degree.

Once that red wave c of a,b,c is in place, a renewed impulse upwards should provide a last hurrah climb to $7,200 or as high as $9,000; depending on the vigor of the rise. However, every $100 incremental climb saps the bull strength and that is indicated by the the second chart of the MACD. Once this MACD is tapped out, a sizable turn can be expected to occur.

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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**

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