Short update on how I see the BTC Market today.
I was thinking on which kind of correction we are right now and to my own concern, I am afraid is going to last longer than I would expect.
No, I don't think this is the end of the Bull market but a correction wave 4 as you can see in the chart below.
Tracing FIBO levels from the start of the Wave (III) in blue we can identify clearly where the 61.8% Level is located, around 27000 USD.
In my opinion, I could not classify the correction as FLAT (3-3-5) since it used to indicate a sideways correction and this one has been till now a really powerful one. So, I more inclined for a ZIG-ZAG correction (5-3-5) however it did not reach the 61.8 retracement level and I cannot find more than 4 waves down for the moment, at least on the daily Chart.
So, yes, a ZIG-ZAG correction is the most recurrent correction...but it used to be also the start of a more complex corrective structure, however, this is what we have today and, If I try to find a positive and simple path to follow, today I see the following as a very likely scenario:
As I said, I am not telling that the end of the correction will be there, on top of the 27000$, but a possible important ground to land on so, indeed a good area for "tank refilling".
Similar corrective structure is being built in the rest of the major altcoins, including ETH, btw...
@toofasteddie*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.