Bitcoin - The fork in the road.

15 mar 2018

Well after the bears crashed the party, some clean up is happening to day with a less than enthusiastic recovery. We do have a fork in the road though. Most, including myself, would think we are in wave 4 of an impulse down. But BTC has a mind of its own, and certainly the powers that be do not like us anticipating their next move. So one possibility is wave 4 is the start of an impulse up. This would mean we just had an ABC correction wave down to the 7600 mark. Doubtful... More likely is a weaker wave 5, taking us down to either a double bottom test, 7500 (support from previous correction to 6k) or 7200 (should run out of steam by this point, given it's wave 5).

I would then expect an ABC correction up, taking us to the all time high trend line, before BTC takes one final dive to the 6k level and possibly past it.

These are my own thoughts, and I do not recommend you base your investment decisions on this. This chart is for educational purposes only.

Have fun, and make FMDCs.

PS. A big thank you to Sumastardon, Pro Indicators and Nidalas for their guidance, which has been utilized in generated this chart.