Between Feb. 20th and 26th we had a 4th wave correction in form of a WXY pattern.
WXY - correction (Feb 20th to 26th):
- Y is 0.618 of W
- X retraces 0.45 of W
After that correction BTC started the 5th wave followed by a normal ABC correction, as usual. Suddenly that correction was interrupted by the "binance hack" and other bad news, so that the FUD dragged down the price and the "normal" ABC-correction developed to a WXY pattern. This pattern hasn't finished yet. Using the Fibunacci tools, it looks remarkably as the WXY correction described above between 20th and 26th of Feb., as the X retraced 0.45 of W. Assuming, the Y also is 0.618 of wave W as 20th to 26th of Feb. it also would hit the long time trend line at around 7.730 USD quite well. So I expect a smaller bounce around this level. If this could break out the descending wedge, ist hard to say. I don't think so. If this doesn`t really happens, I expect the next probably bounce to be at the range around 7.200 USD as there ist the 0.786 Fib-Level of the impulsive wave which started on 6t Feb at around 6.000 and went up to around 11.760 USD) and the actual Y-wave we seem to be in at the moment is at 0.786 Fib-Level of wave W of the actual WXY correction.
What do you think? Where do you expect to be some bounces?
WXY - correction (Feb 20th to 26th):
- Y is 0.618 of W
- X retraces 0.45 of W
After that correction BTC started the 5th wave followed by a normal ABC correction, as usual. Suddenly that correction was interrupted by the "binance hack" and other bad news, so that the FUD dragged down the price and the "normal" ABC-correction developed to a WXY pattern. This pattern hasn't finished yet. Using the Fibunacci tools, it looks remarkably as the WXY correction described above between 20th and 26th of Feb., as the X retraced 0.45 of W. Assuming, the Y also is 0.618 of wave W as 20th to 26th of Feb. it also would hit the long time trend line at around 7.730 USD quite well. So I expect a smaller bounce around this level. If this could break out the descending wedge, ist hard to say. I don't think so. If this doesn`t really happens, I expect the next probably bounce to be at the range around 7.200 USD as there ist the 0.786 Fib-Level of the impulsive wave which started on 6t Feb at around 6.000 and went up to around 11.760 USD) and the actual Y-wave we seem to be in at the moment is at 0.786 Fib-Level of wave W of the actual WXY correction.
What do you think? Where do you expect to be some bounces?
