This my primary count for BTC correction of 2018.
In the beginning of the year we got a strong impulsive move (zig zag) that took us from 20k to 6k forming the W wave. This was the first capitulation.
After that BTC has been in more of consolidation/redistribution range, ranging between 12k to 6k not making any new highs or lows since the volume and price spread have declined significantly.
To me this looking a lot like an expanding or running flat type (3-3-5) of correction and we have just completed waves A and B.
I expected a 5 wave move upwards to near the top of the redistribution range forming the C wave and completing the X wave.
After which, we should the second capitulation in the form of ABC zig zag pattern taking it down to around 2k range and completing the Y wave.
In the beginning of the year we got a strong impulsive move (zig zag) that took us from 20k to 6k forming the W wave. This was the first capitulation.
After that BTC has been in more of consolidation/redistribution range, ranging between 12k to 6k not making any new highs or lows since the volume and price spread have declined significantly.
To me this looking a lot like an expanding or running flat type (3-3-5) of correction and we have just completed waves A and B.
I expected a 5 wave move upwards to near the top of the redistribution range forming the C wave and completing the X wave.
After which, we should the second capitulation in the form of ABC zig zag pattern taking it down to around 2k range and completing the Y wave.
