BTCUSD afternoon update
Bull and bear counts for BTCUSD. Kind of busy chart, I apologize.
From 64802 to 69487, it looks like price has formed a contracting diagonal.
Today's low tagged .618 fib drawn from 69487 to 64802.
Bearish count (red) has an ending diagonal, completing wave c of (y).
Neutral count (and probably least likely, in yellow) has price looking for a wave ((5)).
Bullish count (green) has leading diagonal (1), wave (2) complete, wave (3) looking north of 74139, and lots of room/extensions to run.
If diagonal ends up being correct analysis, bulls must stay above 64802 and get above key resistance of 69487. Break below 64802 opens up bearish scenario. Line in sand key support 58867, break below which would likely be impulsive and confirm bearish count.
From 64802 to 69487, it looks like price has formed a contracting diagonal.
Today's low tagged .618 fib drawn from 69487 to 64802.
Bearish count (red) has an ending diagonal, completing wave c of (y).
Neutral count (and probably least likely, in yellow) has price looking for a wave ((5)).
Bullish count (green) has leading diagonal (1), wave (2) complete, wave (3) looking north of 74139, and lots of room/extensions to run.
If diagonal ends up being correct analysis, bulls must stay above 64802 and get above key resistance of 69487. Break below 64802 opens up bearish scenario. Line in sand key support 58867, break below which would likely be impulsive and confirm bearish count.
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