BTCUSD POPS COMPLETES IMPULSE AND DROPS

BitMarketPeru

By Fernando Luna

Good morning guys, BTC has popped to the 8800 after a five wave series finishes off either a zigzag or a 1-2 pump to the upside.  I am looking for a possible new low below the 7700.  If a three wave corrective forms before it hits the 7700 low, then we might get a bounce in a 3rd.  If so then the move down since strong so far can turn into a Bat pattern which would find support down at the 7888 near the 90% retracement.  If this happens, I would keep my stops tight, for the danger to the downside will still exist. 

2 hour bar chart

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