BitcoinLong
BTCUSD: Contracting Triangle 4th Wave Ending on July 15-18th
We are currently in a corrective 4th wave of a bullish five wave pattern up that should result in price reaching above the top of the 3rd wave (789.78)
The fourth wave appears to be a five wave contracting triangle which will conclude on July 15-18th at which point the fifth wave up should commence.
Charting the 4 hour contracting triangle (thin green line) would expect the the triangle to converge on July 15th; however, several other factors are pointing more towards a July 18th convergence:
Note: Keep in mind that it is common for an ABCDE pattern's E-wave to false breakout therefore it would not be a surprise if the E wave broke below the triangle before starting the wave (5) higher.
The fourth wave appears to be a five wave contracting triangle which will conclude on July 15-18th at which point the fifth wave up should commence.
Charting the 4 hour contracting triangle (thin green line) would expect the the triangle to converge on July 15th; however, several other factors are pointing more towards a July 18th convergence:
- Timing of the ABCDE corrective waves would put the end closer to the 18th.
- The fibonacci time ratio of 1.0 of the 3rd wave is on the 18th.
- July 18th would make a perfect opportunity for the (E) wave to bump off the Ichimoku cloud.
Note: Keep in mind that it is common for an ABCDE pattern's E-wave to false breakout therefore it would not be a surprise if the E wave broke below the triangle before starting the wave (5) higher.
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