So is this the continuation of cycle 'C'?
Updated
Following on from my last look at this correction (see previous ideas linked), the correction from 3 is so high it has made many think this wave over.
And perhaps it is, but we can't say that yet. on some exchanges 4 did not cross 1. And even if it did there is the possibility of an extended down.
The other scenario is the wave is over. We have had A and are now riding B. Down is still the direction, but we will get fierce fighting I feel at 36.9 as this decision starts to be a battleground.
A characteristic of this wave is long '5's in both 1 and 3. If this continues into wave 5, which I think likely, I think we may see quite a scary dip past the previous low... especially with all the FUD around.
And perhaps it is, but we can't say that yet. on some exchanges 4 did not cross 1. And even if it did there is the possibility of an extended down.
The other scenario is the wave is over. We have had A and are now riding B. Down is still the direction, but we will get fierce fighting I feel at 36.9 as this decision starts to be a battleground.
A characteristic of this wave is long '5's in both 1 and 3. If this continues into wave 5, which I think likely, I think we may see quite a scary dip past the previous low... especially with all the FUD around.
Note
forgot to remove indicators. lame.Note
it's been pointed out thart 3 can't be the shortest. which is a good point. my last guess had quite a short 5, ending around 32k, and it's on the back of today's FUD I've projected it lower.Note
having looked properly I can confirm that wave 1 in each case is the same or smaller in height as wave 3. Therefore waves are valid. However I still think the bottom will not pierce previous low (29k) as in my previous post on BTC long term.Note
I no longer predict long term because it's a stupid idea. even though I have been very right on occaision I now know better. long term is god knows.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.