hey guys welcome to a brand new update on bitcoin prices, first of all huge congratulations to those who made tremendous gains on my XBT long call, right now bitcoin is heavily overbought in almost every time frame, and you don't need any crystal ball to see this just look at the charts and the parabolic move we've made in each time frame, by the time of writing btc is struggling to cross 11k level and failed almost 4 times in 5min chart, most likely we're now at the end of wave 5 and a major correction could start from here.
now don't take this correction as minor ones this will be the major zigzag correction which can drive the prices all the way upto 6200 level. consider the whole price movement from 3200 to 11000 as wave 1, and we're now in the end of wave 5 in a major wave 1, so the correction wave which could be the abc corrective wave will be a zigzag correction, and usually a normal zigzag wave travels from 50% to 61.8% of whole wave 1, so in this case we get a 50% retracement around 7100 and 61.8% retracement around 6200.
now don't consider this as a rock solid future prediction, nothing is guaranteed, i could be wrong coz there're also some strong levels like 9300 or 8700 where bulls can take control, but right now this seems the best opportunity for market makers to dump over fomos, meanwhile prices could also go in the opposite direction if bulls keep pushing the prices even more higher, so you have to be also prepared for another side, dont just blindly short the market dyor and use stop loss. thankyou
now don't take this correction as minor ones this will be the major zigzag correction which can drive the prices all the way upto 6200 level. consider the whole price movement from 3200 to 11000 as wave 1, and we're now in the end of wave 5 in a major wave 1, so the correction wave which could be the abc corrective wave will be a zigzag correction, and usually a normal zigzag wave travels from 50% to 61.8% of whole wave 1, so in this case we get a 50% retracement around 7100 and 61.8% retracement around 6200.
now don't consider this as a rock solid future prediction, nothing is guaranteed, i could be wrong coz there're also some strong levels like 9300 or 8700 where bulls can take control, but right now this seems the best opportunity for market makers to dump over fomos, meanwhile prices could also go in the opposite direction if bulls keep pushing the prices even more higher, so you have to be also prepared for another side, dont just blindly short the market dyor and use stop loss. thankyou