I've previously shared that I believe the bottom is in this .618-.65 golden pocket. We are nearly there now with what I believe to be one more leg down. Let's take a look at some charts!
We have a solid impulse wave up, followed by a pretty solid AB portion of a corrective wave. We are now clearly in C. My concerns? Proportional to A, the charted C wave is very short. This is not uncommon: look at the previously labeled ABC along wave 4. We had a notably shorter C wave. However, C can potentially be a 1:1 extension of A which would take us all the way down to $6200. If the golden pocket does not hold, there are not strong supports below this level.
Let's take a closer look at the C wave and see if we are potentially nearing an end there.
It looks like we could be in wave 4 and would move into wave 5 which would line us up with the golden pocket! This is great news. However, looking at shorter time frames can be much trickier so this is not guarantee at all.
I'll be entering a long position, but will be monitoring closely! Keep your stop loss tight. If we break under the .65 retracement with conviction, we would be in trouble. In fact, I'd move to a short. Not immediately, a weak wick is possible.
All posts, charts and commentary are thoughts of the author and NOT financial advice. Full chart on Trading View at: https://www.tradingview.com/chart/BTCUSD/eqUl7TCG-Bitcoin-Hoping-the-Correction-End-is-In-Sight/