BITCOIN (BTCUSD) – Primary ABC Correction in play

BITCOIN‘s Daily Wave Count suggests that the Crytocurrency is trading within a Primary ABC (red) Correction which is expected to finalize quite soon.

The Primary ABC Correction (red) is showing a potential Head & Shoulders Formation and a Bearish Divergence which is indication that BITCOIN could have more room on the down-side before the Up-Trend would continue.

BITCOIN (BTCUSD) – Daily Chart (picture):

BITCOIN (BTCUSD) – Daily Interactive Chart:

Forecast:

• Short-Term: Bullish
• Medium-Term: Bearish
• Long-Term: Bullish

Levels in Focus:

• 4500
• 3200 / 2600
• 6200

BITCOIN (BTCUSD) – Positions:

• Short Term – BUY
  Entry Level – 3750.00
  SL – 3000.00
  TP – 4500.00
• Medium-Term – SELL
  Entry Level – 4500.00
  SL – 5000.00
  TP – 2600.00
• Long-Term – BUY
  Entry Level – 3200.00
  SL – 2400.00
  TP – 6000.00

Safety Measures:

• When in the green, moving SL to break-even or in profit.
• If Conservative, waiting for the Head & Shoulders confirmation along with the Bearish Divergence.

Many pips ahead!