Bitcoin has moved nicely in an ABC correction pattern. It is currently completing the C wave and could go down to between 8800 and 8900 for the pattern to complete. This region coincides with both 50 day EMA and 200 day MA and is likely to offer support for Bitcoin to change directions.
Note that it is possible that this whole correction is just the Wave A and Wave C is yet to follow, though this is less likely (it could happen e.g. if this support structure gets broken). Regardless, Bitcoin should move up from this region and the nature of the ensuing waves (impulse versus corrective) should give us an idea of the wave pattern to follow. Stay tuned!
Note that it is possible that this whole correction is just the Wave A and Wave C is yet to follow, though this is less likely (it could happen e.g. if this support structure gets broken). Regardless, Bitcoin should move up from this region and the nature of the ensuing waves (impulse versus corrective) should give us an idea of the wave pattern to follow. Stay tuned!
