Analyzing the 3-day timeframe for BTC/USD, two primary scenarios arise:
Bearish Outlook:
Current wave XX-Z indicates a possible triple combo wave W-X-Y-XX-Z. With wave X potentially concluding, a move downwards for wave Y is anticipated.
Bullish Correction:
Despite a bullish market, a correction wave 2 could drive prices down to 23,700, below the 0.5 Fibonacci level.
An emerging "head and shoulders" pattern supports a bearish trajectory, targeting a price equivalent to the height of the formation, indicating prices below 19,800.
Recommendation: Watch for a confirming bearish candle pattern on the 1-day or 3-day chart. Ensure proper risk management and consider external influencing factors.
Bearish Outlook:
Current wave XX-Z indicates a possible triple combo wave W-X-Y-XX-Z. With wave X potentially concluding, a move downwards for wave Y is anticipated.
Bullish Correction:
Despite a bullish market, a correction wave 2 could drive prices down to 23,700, below the 0.5 Fibonacci level.
An emerging "head and shoulders" pattern supports a bearish trajectory, targeting a price equivalent to the height of the formation, indicating prices below 19,800.
Recommendation: Watch for a confirming bearish candle pattern on the 1-day or 3-day chart. Ensure proper risk management and consider external influencing factors.
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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.
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.