BTSBTC behaving pretty nicely, despite bitcoin movement destabilising things temporarily. Given previous pivots and final (dark blue) 5-wave structure of the C leg of the ABC correction, it looks like a 0.5 retracement for 2760 is plausible. We could go deeper of course - golden zone between 0.618 and 0.65 retracement remains a statistically probable zone for reversal, but given the evolutions in BTCUSD I wouldn't be surprised if we reverse at the 0.5 retracement, or even a little before that (the 0.5 retracement often shows a "front run" movement).
After that we should hopefully be seeing wave 2 of wave 2 of the larger degree trend, which is the big push upwards. Fingers crossed!
After that we should hopefully be seeing wave 2 of wave 2 of the larger degree trend, which is the big push upwards. Fingers crossed!
Kommentera:
To those shorting BTS, this is where I would start thinking about closing your position - I'm expecting a move down from 2880 to 2760, some consolidation and then a pretty strong move upward, so don't get caught holding the bag!