Bitcoin carving a corrective lower top? - Dec 26, 2017

26 Des 2017

Bitcoin story continues as discussed last week except that the aggressive longs triggered at breakeven levels. The underlying has completed either an A or wave 1(looks impulse) as labelled here. The subsequent wave structure is also corrective till now (an a-b-c), indicating a potential termination of wave B or 2. The fibonacci 50% has been tested here but be prepared for a deeper correction if the entire structure is looking to unfold as an A-B-C flat. Trading point of view, shorts should be split between now and 16300 levels, stop above 20000 and target below 10000.

Good luck!

Harsh Japee