Bitcoin (BTC) technical analysis for the corrective wave C

BTCE:BTCUSD   Bitcoin / Dollar
873 0
Hi fellow traders,

In a technical point of view BTC just finished its 5th impulsive wave in a uptrend and did make an impressive peak at 1097. xx , and on the next day it goes to the corrective wave ABC according to my TA. The A leg has been completed and the B leg is currently developing; let's say that the B leg can still be extended to a new up level, namely at around 1200. xx and from there the C leg will be appeared. End of C leg, if we take from the extension level of B leg at the above mentioned level at 1200. xx , then the C leg will probably reach the level at around 883. xx , in case for a further heading down, then we have the extended level at around 557. xx .

Other scenario is that we suppose the price level for BTC will stop raising from here at around 1031. xx and it heads southward, then we will have its destination at 715. xx , in extension 557. xx with high probability.
So just take the drawn levels for your reference! /

Trade well!

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