BTC/USD - 5th wave extension - correction to 3rd wave top

23 de out. de 2017

I see our current situation in BTC/USD as extension of the 5th impulse wave. I believe we are going to see a correction to .5 fib retracement from 6184 high to about 5700. From there a possible move up to a new high within the wave channel trend of the extension to 6390, then a swift correction. I believe correction and final completion of 5th wave formation is long overdue and we should land somewhere round 4400 with decent support. I see next support levels after this as 4100, 4000, 3550 ( bottom of second wave). I currently sitting out trading until the dust settles after BTC Gold and Segwit2x. I believe there will be a long overdue correction in the classic 30% BTC/USD fashion and buying opportunity when this occurs.