Bitcoin price today: hits record high over $122k ahead of ’crypto week’
I was looking for the corrective structures to come to an end. In many respects, that occurred. I can see some of the structures have come to a point where they have left the correction behind them but then formed a 5-wave move and therefore we’re back into a corrective sequence. However, these should be the lower degree structures. In other pairs, particularly in USD/JPY and USD/CHF, that have completed a corrective sequence but within a larger corrective structure. So I don’t want to suggest any robust trends today but there will be some potential for the “other pairs” that are in a “correction within a correction” complete their corrections. Once that has been seen we should be able to get on with a larger trending move.
Therefore, today should see limited moves but ones that will provide short-term trades. This process will likely extend into tomorrow. Once we have seen all the pairs complete their corrective structures we can begin on the job of looking for a stronger directional wave in a longer-term move.
If I see any impulsive move, then it’s in EUR/JPY but even then it’s likely to be a bit choppy.
Best options for impulsive waves are in USD/JPY and USD/CHF…
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