BTCCNY EW analysis - On the edge of a cliff
After completing the large flat off the reaction from lows BTCCNY has completed a full impulse and reaction, waves I and II or A and C from the highs formed. Impulses are always followed by impulses. This could be the beginning of a large and steep impulse towards 800 yuan or possibly an abc 5-3-5 towards around 1200 yuan. The impulse possibility is textbook and most fitting. We have a lot of good form to support the count on many time frames and many critical levels of validation.
As illustrated, wave i of III is already complete and wave ii is nearing completion. wave iii of III will follow, the eye of the storm. A breakdown under local lows could cause a particularly violent cascade.
When (and if) the impulse is done it could conclude lows in the BTCNY for many months, terminating the current bear market to at least some degree.
As illustrated, wave i of III is already complete and wave ii is nearing completion. wave iii of III will follow, the eye of the storm. A breakdown under local lows could cause a particularly violent cascade.
When (and if) the impulse is done it could conclude lows in the BTCNY for many months, terminating the current bear market to at least some degree.
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