Waiting Game: Bullish long term scenario after consolidation
Hello traders and investors!
After March 2020 low (13/03/2020), which I consider Primary Wave 2, BTC rallied for 397 days (until April 14 2021) with a net gain of 1582%. Assuming that this was Primary Wave 3, we are now in one of the many forms of corrections.
I guess that the real questions are:
What kind of correction?
If we consider W2 as a simple and deep ABC correction, based on the EW guideline, I expect Primary Wave 3 corrected by either a complex WXY or a Triange ABCDE, and in both cases a shallow sideway correction: Fibonacci 23.6% and 38.2%
How long will this correction take?
If Wave 4 will take the same amount of time as Wave 2, I see it done by the end of the year 2021, which corresponds to the bottom line of the pitchfork around 22k
If Wave 4 will take more time (1.618 or even 2 times Wave 2), we need to wait until June / September 2022.
Let's see what will happen.... No rush to buy the dip
After March 2020 low (13/03/2020), which I consider Primary Wave 2, BTC rallied for 397 days (until April 14 2021) with a net gain of 1582%. Assuming that this was Primary Wave 3, we are now in one of the many forms of corrections.
I guess that the real questions are:
- What kind of correction?
- How long will this correction take?
What kind of correction?
If we consider W2 as a simple and deep ABC correction, based on the EW guideline, I expect Primary Wave 3 corrected by either a complex WXY or a Triange ABCDE, and in both cases a shallow sideway correction: Fibonacci 23.6% and 38.2%
How long will this correction take?
If Wave 4 will take the same amount of time as Wave 2, I see it done by the end of the year 2021, which corresponds to the bottom line of the pitchfork around 22k
If Wave 4 will take more time (1.618 or even 2 times Wave 2), we need to wait until June / September 2022.
Let's see what will happen.... No rush to buy the dip
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