Long time since I posted my last post about BITCOIN , I think last time was on August 24th and I talked about the evolution of a complex WXY Double Combo correction.
Answering to a request of @beiker, I am going to show you what I think can be the possible scenario currently on-going.
The Y leg was in doubt that time, we were either thinking a possible triangular shape or a Flat configuration in order to end the wave II of BITCOIN.
However, it seems that the most likely, in my opinion, is a finalization of the correction by a FLAT configuration for the “Y” leg:
In my opinion, currently we have 2 possible termination areas probabilistically speaking:
- The area around the 100% of the FIBO length of the wave “W”, corresponding to 7400 USD
- The area around 5500 USD which is around the 127% of the FIBO length of wave W
Of course, the volume is so small that I would no enter in any LONG position till a clear increase of this variable will become a fact.
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.