Are we there yet?

12 Jul 2018

Clear 5-wave going up from june 24th to july 9th, but how deep will BTSBTC retrace? Will it be the black ABC to .5 which is wrapping up as we speak, or are we taking the red ABC down to 0.618, 0.786 or even 0.884? This one will be exciting to watch, as all of these levels have been significant pivots in BTSBTC's recent history...

Argument for 0.5 retracement: there seems to be a complete ABC in place already. Then again we might go for ABCDE.
Argument for 0.618 to 0.65 retracement: golden zone, high statistical probability.
Argument for .786 retracement: strong pivot points
Argument for .884 retracement: given that this is wave 1 and 2 on a higher degree of trend, the retracement in this early stage of trend reversal is often very deep.

Also, their is the lower support line on the daily timeframe that might suggest going down deep to .786 or .884 level.

Exciting. Any input on why one of these retracement levels is most likely is welcome!

12 Jul 2018

Nota

For those that wonder: my money is on the .786 level - it just feels too early for the retracement to be over already. Also, there's strong confluence on the .786 level, with the .786 trend based fib extension (meaning if the length of the C wave is .786 times the length of the A wave).

If price falls below 2430-ish, we'll know the .5 retracement probably failed...

12 Jul 2018

Nota

Oh yeah, one more thing: VPVR (volume profile of the visible range indicator) shows a small spike at the .786 retracement, and a huge one at the .884 retracement, so there's definitely and argument for a sharp fall to 2150. And then hopefully a sharp rise upwards! :-)