BITCOIN (BTCUSD) - Primary ABC Correction in play

BITCOIN (BTCUSD) - Primary ABC Correction in play

BITCOIN's Daily Wave Count suggests that the Crytocurrency is trading within a Primary ABC (red) Correction which is expected to finalize quite soon.

The Primary ABC Correction (red) is showing a potential Head & Shoulders Formation and a Bearish Divergence which is indication that BITCOIN could have more room on the down-side before the Up-Trend would continue.

Forecast:

- Short-Term: Bullish
- Medium-Term: Bearish
- Long-Term: Bullish

Levels in Focus:
1 - 4500
2 - 3200 or 2600
3 - 6200

BITCOIN (BTCUSD) - Positions:

Short Term - BUY
Entry Level - 3750.00
SL - 3000.00
TP - 4500.00

Medium-Term - SELL
Entry Level - 4500.00
SL - 5000.00
TP - 2600.00

Long-Term - BUY
Entry Level - 3200.00
SL - 2400.00
TP - 6000.00

Safety Measures:

When in the green, moving SL to break-even or in profit.
If Conservative, waiting for the Head & Shoulders confirmation along with the Bearish Divergence.

Many pips ahead!