Bitcoin: Candles Speak: Daily Update
Seeking Alpha Analyst Since 2020
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- Correction is shaping as a zigzag.
- Next move to 44000-46000, then to 50000-52000.
- Correction could last till the end of March or longer.
Today I just wanted to point that BTC seems to continue the correction and the correction seems to be shaping up a zigzag, a perfect one so far, if you take measurements of waves A and B and their sub-waves.
Today I just wanted to point that BTC seems to continue the correction and the correction seems to be shaping up a zigzag, a perfect one so far, if you take measurements of waves A and B and their sub-waves. Wave B is not complete yet, but my confidence is growing about its completion tomorrow in an identified rectangle on the chart above - 44000-46000. After wave B I am expecting wave C that could be rather steep or take a shape of a diagonal to 50000-52000. In case of a diagonal, a reversal for wave (C) should be quite sharp. Based on current data, I am expecting this correction to continue till the end of March or, possibly, longer - it would depend on the shape of the next major wave down.
Tomorrow is the weekly closure and I am planning to share my weekly analysis on Saturday or Sunday. So far, the coin follows the map charted on the last weekend.
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