BitCoin is craving for upside| #bitcoin #crypto #btcusd
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Traders,
The high at 19,697 closed the 5-5-5 sequence ending primary wave (3) advance impulsive wave paving the way for a major correction. Wave (4) has since begun a counter-trend decline, taking the form of an expanding flat pattern, labeled (a) – (b) – (c), although the bigger corrective structure seems incomplete with the patterns projecting further correction.
The first decline labeled wave-(a) has been developed into a double Zig-Zag pattern ending at 13,501.
The following advance was also a three-wave Zig-Zag up to slightly record highs at 19,891.99 labeled as wave-(b), where the fib price ratios forecast was pinpointing, indicating a reversal.Worth mentioning, that wave-(b) cannot be considered as a 5-wave impulsive sequence but only as a part of a bigger corrective structure subdivided into a 3-wave internal structure.Then, of course, we had this devastating 5-wave decline labeled (c) which is the last phase of the expanding flat pattern, to 10,400 which was close to 38.2% of wave (a) extension but right on target of the internal 5-wave sequence fib price measurements.
Inside the (c) wave decline we can witness what fractalization is, or Self-Similarity where similar patterns develop, through different degrees of trend. In our case, we can observe how the 5th of the 3rd wave of the bigger main trend and the 5th wave of the main trend are both extended.
Now, after the expanding flat completion, a five-wave sequence with an “unusual” 1st wave extension has since unfolded, highlighting a possible “reversal signature”, making all the way up to 61.8% of the previous sharp move. Price is going through some retracement decline, covering the chart as a 2nd wave corrective structure, still incomplete. When complete, I think there is going to be a very strong accelerating advance which is going to begin the primary (5) wave.
Thanks for your attention
Trade with Discipline
Best
The high at 19,697 closed the 5-5-5 sequence ending primary wave (3) advance impulsive wave paving the way for a major correction. Wave (4) has since begun a counter-trend decline, taking the form of an expanding flat pattern, labeled (a) – (b) – (c), although the bigger corrective structure seems incomplete with the patterns projecting further correction.
The first decline labeled wave-(a) has been developed into a double Zig-Zag pattern ending at 13,501.
The following advance was also a three-wave Zig-Zag up to slightly record highs at 19,891.99 labeled as wave-(b), where the fib price ratios forecast was pinpointing, indicating a reversal.Worth mentioning, that wave-(b) cannot be considered as a 5-wave impulsive sequence but only as a part of a bigger corrective structure subdivided into a 3-wave internal structure.Then, of course, we had this devastating 5-wave decline labeled (c) which is the last phase of the expanding flat pattern, to 10,400 which was close to 38.2% of wave (a) extension but right on target of the internal 5-wave sequence fib price measurements.
Inside the (c) wave decline we can witness what fractalization is, or Self-Similarity where similar patterns develop, through different degrees of trend. In our case, we can observe how the 5th of the 3rd wave of the bigger main trend and the 5th wave of the main trend are both extended.
Now, after the expanding flat completion, a five-wave sequence with an “unusual” 1st wave extension has since unfolded, highlighting a possible “reversal signature”, making all the way up to 61.8% of the previous sharp move. Price is going through some retracement decline, covering the chart as a 2nd wave corrective structure, still incomplete. When complete, I think there is going to be a very strong accelerating advance which is going to begin the primary (5) wave.
Thanks for your attention
Trade with Discipline
Best
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