BTC Due For ABC Correction to 7100
Looking like BTC completed a 5 wave, now should not be surprised to find an ABC correction to the 50%ish region in the rectangle area.
I will probably not short BTC here because it's possible the 5 count starts at the end of the consolidation rather than at the start where I have it now. If that's the case then there could be one more wave up.
In either case, I am waiting for an ABC correction and then looking to go long, hopefully for a long term trade.
Also, this recent BTC rally has not been convincing because last time it rallied over the summer the altcoin market blew up for a few weeks. With this last run the alts did comparatively little which makes me wonder if the space in general has shrunk.
I will probably not short BTC here because it's possible the 5 count starts at the end of the consolidation rather than at the start where I have it now. If that's the case then there could be one more wave up.
In either case, I am waiting for an ABC correction and then looking to go long, hopefully for a long term trade.
Also, this recent BTC rally has not been convincing because last time it rallied over the summer the altcoin market blew up for a few weeks. With this last run the alts did comparatively little which makes me wonder if the space in general has shrunk.
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