In my previous update on January 23 I forecast the wave movement with great precision: https://wordpress.com/post/investingangles.wordpress.com/892.
I believe that BTC continues to follow the green count and it is going to be a long correction. Let’s have a look at the monthly, weekly and daily charts.
On the monthly chart above we can see that the January’s candle, an inverted hammer, is similar to the hammer in 2018. I view it as a sign of a possible longer-term side wave, similar to the one in 2019.
The weekly and daily charts have not changed. I can see that the first wave of the correction, a zigzag, is complete. The stock is likely working on a wave A of (B). Wave (B) seems to be taking shape of a regular flat wave, the most typical second wave in the complex correction. I project that wave (B) in green would work a rectangle formation as indicated on the daily chart.
I still keep the red count on the weekly chart, though it has much lower odds.
The 120min chart below is a more detailed projection of wave (B) shape and the angle of wave (C). I think that BTC will be moving in the rectangle between 39000 and 29000 for the next 2-3, possibly 6 months. Though the timing of the corrective waves is the most challenging thing to forecast, I view that the wave (B) would take several months to fully develop. Wave (C) could be sharp and last for about a week. I hope BTC behaves.