Bitcoin has seen a phenomenal rally in wave (3). Only a year ago it traded near 755 against the USD and now it hovers near 8,100. I'm still looking for a little more upside closer to 9,150, but the best part of the rally in wave (3) is now behind us.
As wave (2) was a simple, but deep zig-zag correction, we should expected wave (4) to be a complex structure in the form of a flat or a triangle consolidation and it should be relatively shallow compared to wave (2). But a relatively shallow correction of 38.2% of wave (3), will still mean a decline close to 5,800.
As wave (2) was a simple, but deep zig-zag correction, we should expected wave (4) to be a complex structure in the form of a flat or a triangle consolidation and it should be relatively shallow compared to wave (2). But a relatively shallow correction of 38.2% of wave (3), will still mean a decline close to 5,800.
