eddiemeek
Long

BTC - possible correction explanation and what next.

BITSTAMP:BTCUSD   Bitcoin / Dollar
If you like me and trying to make sense of the BTC correction yesterday, here is a possible scenario, I didn’t expect it but maybe we should have considering the recent rally.
My observation is a 335-expanded flat correction pattern.

There are 3 types of 3-3-5 corrections with differences in their overall shape. In a regular  flat correction , wave B terminates about at the level of the beginning of wave A, and wave C terminates a slight bit past the end of wave A. More common flats, known as an expanded flat contain a price extreme past that of the preceding impulse wave. In #expanded flats, wave B of the 3-3-5 pattern ends beyond the starting level of wave A, and wave C ends significantly past the ending level of wave A.
There is also an uncommon variation on the 3-3-5 pattern, which is known as a running flat, wave B terminates way past the beginning of wave A as in an expanded flat, but wave C falls short, falling short of the level at which wave A ended. Uncommon!

What happens next will be interesting, will it be a zigzag , flat combinations or triangle until we see bullish movement up. All positive for long positions.

My view on a possible scenario is an abc (3) wave up (taking opportunities to get in after correction) followed by a #triangle (some consolidation) before we go up again. I’m still #BTCbullish past 6K.



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