BITCOIN: WEEKLY – 27.12.2020

In the few previous updates I was expecting a top happening soon. Well, I believe that a major top will be printed this weekend. It looks like an inverted Hammer or a Gravestone Doji should be printed in several hours.
If you examine the waves on a micro level, it is noticeable that the character of the waves changed last night. It seems that the trend has changed its direction to southbound.
On the weekly chart I continue to follow two major counts – red and green. Both counts are expecting a corrective wave.
The most typical retrace for the green count would be 0.236-0.382 of the wave off the March low – 18900-22400 (green rectangle and fibs on the chart).
If the red count is in play, I would expect that wave C equals wave A – in our case 11360 (C=A level). The next two most probable targets for the red count would be 1050 (1.618 of wave A) and 17740 (0.618 of wave A).
Note that if price falls below precisely 13764.00, this action will invalidate the green count and confirm that we are likely dealing with the red one.

If the waves on the micro level is of any guidance (as I am typing this), I would expect that the next interim target is 24000-24500. I hope the next few days will provide enough information for the next targets and the timelines for the wave down. Let’s see how this week closes.

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