BITCOIN; Buyers Are Waitting
Mar 17 2020
Stock market decline pushed BTC and the whole Crypto market down due to panic and fear across the world. Very ugly and nasty move is visible through different assets, but it looks like an interesting decline that can even finish with a spike at the potential support if coronavirus will start slowing down. However, in case if situation worsens that we should be aware of even more weakness, and then we have to prepared on BTC to retest the 2018 lows.
Looking at the weekly BTCUSD chart, as our count #1, we are neutral and we are observing a big bullish triangle formation, where the recent three-wave A-B-C decline can be just as part of wave (C), so waves (D) and (E) yet to come. For a bullish triangle price needs to stay above 3000 invalidation level, and at the same time we need FIVE-WAVE recovery on a smaller time frame with a move back to $7k. So because that's not the case yet, we have to aware of another interpration; a flat correction where price is allowed to drop to $2000-$1000 support area.
Anyway, in both cases we believe that BTCUSD is in a big consolidation, and that sooner or later buyers will again show up, but maybe from lower prices. The most important is now to be patient and not rushing with any early buying idea. We think that even if market will bounce from here, there will still be a lot of opportunities ahead within ongoing move.
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BTCUSD COUNT #1
BTC COUNT #2
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