Bitcoin #BTCUSD - two possible scenarios
Updated
Due to the fact that the current downward correction on BTCUSD is quite extensive in time and in the price, I decided to present two potential wave scenarios:
Scenario 1 (main):
The growth impulse from the level of $ 5,930 ended with three waves and the current correction is a wave 4 of the entire growth impulse. The maximum range of this adjustment is 50% Fibo at $ 8,850, below this level the adjustment will be invalidated as too deep.
Wave B (pink) correction may have already ended or it will end around $ 10,953 and only then there will be a drop in the C wave (pink). Wave 5 (pink) is still expected.
Scenario 2 (alternative):
The growth impulse from the level of $ 5,930 ended completely and wave 1 of this impulse was the Leading Diagonal. The current correction is wave 2, which can reach even $ 8,158 with its range.
After the completion of the wave 2 correction, a dynamic increase in the price in wave 3 is expected, which will easily break the level of $ 12,030.
Scenario 1 (main):
The growth impulse from the level of $ 5,930 ended with three waves and the current correction is a wave 4 of the entire growth impulse. The maximum range of this adjustment is 50% Fibo at $ 8,850, below this level the adjustment will be invalidated as too deep.
Wave B (pink) correction may have already ended or it will end around $ 10,953 and only then there will be a drop in the C wave (pink). Wave 5 (pink) is still expected.
Scenario 2 (alternative):
The growth impulse from the level of $ 5,930 ended completely and wave 1 of this impulse was the Leading Diagonal. The current correction is wave 2, which can reach even $ 8,158 with its range.
After the completion of the wave 2 correction, a dynamic increase in the price in wave 3 is expected, which will easily break the level of $ 12,030.
Note
For now, the market is consolidating, so the option of breaking down to $ 8,850 is the most relansed.A correctional growth scenario is now less likely.
Note
The current situation shows a possible termination of wave 4 ABC corrective cycle at the level of $9,260 and the beginning of wave 5 impulsive cycle. Alternatively, the market has completed wave 2 correction of a higher degree and now is time for wave 3 to unfold. This wave should easily break through the level of $12,000.Anyway, we should go up now!
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.