BTCUSD - 8k done and 7k still in play

1 oct. 2019

Correction over? Maybe but i do not believe it.

Here are my thoughts:

In the daily consideration we can see a double bottom at 7.7k. That means the dump is temporarily over and we have to accept a consolidation for the next few days. My target area is 8.9k with a touch of the falling ema-ribbon. Even if it can continue to rise at the moment i don´t so see a high probability. The scenario is obsolete if we see prices over 10k.

After this consolidation i expect a final move to 7.2k (worst case 5.4k) and the potential start of wave 3 of 3 in a elliott wave prospective. For this move i will observe the weekly ema-ribbon. I don´t see any contradictions if we shoot over to the downside but we should close above the weekly ema 55.

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23 oct. 2019

Note

Yeah, the 61,8 Level is near. We have to stay calm and wait to see what bitcoin will do the next days.