Back form holidays but still not working since we are on the weekend but, finally I have time to analyze the Daily BITCOIN chart in a more accurate manner. I have redone my EW-count and I think I found an structure that will fit with the current situation.
The structure is a Bouble Combo Correction (WXY) which is composed by the combination of three main Legs:
W Leg: Can be any Zig-zag or Flat correction
X Leg: Can be any Zig-zag, Flat , triangle or combo as well
Y Leg: Can be a Zig-zag, Flat or a Triangle
Only one triangle is allowed and it can be formed either on X or in Y but not in both. If it was the case that two triangles were formed at X and Y, the pattern would be different (Double Zig-Zag) with different results, so since the X leg is a ZIG-ZAG, a triangle may be formed on the Y Leg…or not :-)..
So, in my opinion there are two main scenarios in order to end the correction:
- Y leg ending in a pure Flat Correction: Level of price would be similar or slightly below “W” , i.e. around 9000 USD as the main known support
- Y leg is a triangle which will push the price lower, in search of the inclined blue line, i.e. 7600 USD
Looks like September is going to be an excellent month for the whole Crypto Market.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.