2 ABC Correction Moves Perfectly Done, What's Next?
(Please enlarge the pictures horizontally and vertically to view the Fib levels clearly, I put 4 of them in the picture which could be hard to read at original size)
After the dump to 8k when we finished the rally from the March low, Bitcoin has finished 2 ABC moves. The first one (Color Black) pullback exactly to 0.65 level at point B and later went to the Fib Extension level 1 at point C; then the second ABC (Color Purple) pullback to 0.65 level at point B and later dropped to the Fib Extension level 1 at point C again last night to 8.8k ish. With these 2 ABC waves done, I'm expecting at least a little upside before a major correction or dropdown.
Long-term cryptos could still be bearish since the second wave of coronavirus might happen and the global economy is still suffering which will impact SP500, and we saw what a dump of SP500 can do to cryptos last night already. But, I do expect at least a little rise in Bitcoin price before it begins dumping. Thank you guys.
After the dump to 8k when we finished the rally from the March low, Bitcoin has finished 2 ABC moves. The first one (Color Black) pullback exactly to 0.65 level at point B and later went to the Fib Extension level 1 at point C; then the second ABC (Color Purple) pullback to 0.65 level at point B and later dropped to the Fib Extension level 1 at point C again last night to 8.8k ish. With these 2 ABC waves done, I'm expecting at least a little upside before a major correction or dropdown.
Long-term cryptos could still be bearish since the second wave of coronavirus might happen and the global economy is still suffering which will impact SP500, and we saw what a dump of SP500 can do to cryptos last night already. But, I do expect at least a little rise in Bitcoin price before it begins dumping. Thank you guys.