BTCCNY has made a run for it, briefly breaking out of the grand log down trend but is now consolidating below. The form of the drop is clearly corrective, suggesting that there is more to come in any case. The drop could be a iv, ii or x wave. Following the drop a five wave form has risen and corrected to 70%, typical of a primary wave correction. Since this is following an abc correction, a guideline is that it will retrace the abc by at least 62% at the least in the most bearish plausible count, this is aiming at the high 1500s and the low 1600s. The implications of breaking up out of the grand log trend are unclear but indeed interesting. I would like to introduce the idea that this is wave 1 of a triangle thrust, more on that later, but I think the attitude towards trading here should only be moderately bullish.
Kommentarer
ucdos1988
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Can you update the chart now?
chessnut
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It is not behaving impulsively, so there is risk of breakdown here. Might be a failure c. Will have to update after the next big move. If you are long it might be better to step out at break even or small loss, and wait and see.
ucdos1988
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Can you update the chart now?
chessnut
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No because I cant see whats really going on yet, we need more price action, it's obviously not going exactly to plan. stay safe!