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BitCoin Expanded Flat – Truncated 5th for TRADESTATION:BTCUSD by mrihar

Bitcoin is playing out almost a perfect fit to an expanded flat correction . We are currently bottoming in 5th of C or have already bottomed. Here are the facts.

Expanded flats are 3-3-5 structures

The C wave typically targets 1.618 of a and/or a 50% retrace of the previous rally

Exceptions are as follows:

Not perfect a=c s for A and B

The c o f A only struck .768 of a

The c of B only struck the .768 of the a of B

However, the above is the only minor irregularity assuming an expanded flat. Price recently came within $937 of the ideal C target on the log price scale and within $746 on the non-log price scale. The ideal target being 1.618 of A. Given the short c s in both A and B these may support a shorter C. Furthermore we are seeing positive divergences and bottom in the Bresserts curves. According to Rowan on Nov 23 at 7:25am ET, “4hr through 3D Bresserts are very low (all less than 15). 5D is pretty low now as well (26.9). There is divergence on the 4hr MACD (chart) and the 1D MACD has also hooked up. Price is in that place where it could dump, bounce in the C of (4) or have the correction be done entirely”

If we have bottomed in C of 4 then the attached chart shows where I see resistance to the next rally.

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