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Market Update: BTC Forecast and Market Update



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Let's do some market updates before FOMC. Here we are trying to predict the news outcome via pure technical analysis and nothing more. You all know that I have been waiting for this move for a while now.

We have predicted that we need to revisit the 21 ~ 22.5 K region before doing the last leg to the downside and here we are now. We caught the whole move, we are happy with our profits, our stops are to breakeven and life is good. What's next ?

Well guys if you look at my last update, I have mentioned that we need to do a 5 waves leg in order to finish the flat in wave (2) and go into a fierce wave (3) to the downside.

Now the question is, have we finished the 5 waves move ? To be honest guys, I don't think that's it. I believe we finished wave iii and now in the midst of a wave iv correction before doing the last wave to the upside in order to finish the overall wave (2) correction.

So maybe, just maybe, before FOMC we get a drop that will be bought and do one more leg up before falling.

__Target prices to watch for in case we dropped : __

- 20129 - 19836

Now if indeed we went into a last wave to the upside, I believe we will get rejected in the area between 21.6 ~ 22.5 K, which was my target zone from the beginning of my analysis on the current pattern.

Now guys, whoever wants to trade this must be very careful. As you can see in __picture 2__, Bitcoin's corrective move can be considered as done around 21 K, where it stopped exactly at the golden pocket 62 % fib retracement.

The rejection there can be big warning of correction being done here and now going down impulsively in wave (3). I just don't like the way we finished these 5 waves move and I am leaning towards one more wave up before the explosion.

Confidence : 55 % so I don't really know if I want to bet my money on this outcome, or if I do I will have strict risk management. We'll be ready inside VIP to play whatever the market gives us.

This post is based on this twitter thread.


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