BITCOIN: correction on going, preparing a new entry point

BITCOIN has performed a very good run, taking into account that such small volume can not justify for the moment a reversal movement, thought.
Nonetheless, BTC has reached the upper line of the planned trading channel, completing IMO the 5th wave of its upwards move.
Now is time for the normal correction, which is on going and for which I don’t think it’s finished yet.

• Since the last wave, the 5th, has been an extended one, I have to consider a deeper correction, perhaps going to meet the previous level of the 4th wave.
• That 4th wave was dancing around 6700USD and I guess the (abc) corrective waves will land very close to that level.
• Also because the RSI doesn’t touch the oversold area at the 1h-timeframe, the correction can be fit on a 3-3-5 move.

• After selling at 7100 USD I think that a good entry point can be at 6700 now...

Let’s see what will happen...

Trade safely.

@toofasteddie

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*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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Published on

by toofasteddie

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