BTC-USD: An update !
Hello everyone and happy Saturday.
I want to give you an update about the #BTC situation. As I told you in my last idea (the related idea), there were 2 possible scenarios for the evolution of bitcoin. The first was that the zigzag was completed so at the moment we are looking for an impulse. I talk about this WXY pattern:
The second idea was that we are in an extended flat, where the last wave is the fifth wave or the final wave of the flat. I talk about the ABC pattern:
Actually, there is another alternative that is path compatible with the alternative of ABC pattern and it is that we are always in a double three pattern, as you can see here by the WXY green pattern:
So in the first idea and this last idea, there is no problem because in both cases we are looking for a bear market.
Now, people in trading view are talking about the death cross at this moment. I don't use MA but this can be in line with the first and last idea. So... bear market.
So... by now we are in what I think to be a triangle pattern. Now, our job is to understand if this triangle is finished or we miss wave E yet. So we have these 2 cases:
1:
2:
I think that is the first view because what I call wave A in the first scenario seems to be like a corrective wave.
But... we need to follow the evolution of the market and see.
In conclusion
The first and last idea ( bear market) now seems to be more likely.
So, we want to wait for the broke of this triangle and then take a position. By now, the market remains in a side movement, and in this case, it is not convenient to take a position.
Have a nice weekend!
Yours Stock Stork
I want to give you an update about the #BTC situation. As I told you in my last idea (the related idea), there were 2 possible scenarios for the evolution of bitcoin. The first was that the zigzag was completed so at the moment we are looking for an impulse. I talk about this WXY pattern:
The second idea was that we are in an extended flat, where the last wave is the fifth wave or the final wave of the flat. I talk about the ABC pattern:
Actually, there is another alternative that is path compatible with the alternative of ABC pattern and it is that we are always in a double three pattern, as you can see here by the WXY green pattern:
So in the first idea and this last idea, there is no problem because in both cases we are looking for a bear market.
Now, people in trading view are talking about the death cross at this moment. I don't use MA but this can be in line with the first and last idea. So... bear market.
So... by now we are in what I think to be a triangle pattern. Now, our job is to understand if this triangle is finished or we miss wave E yet. So we have these 2 cases:
1:
2:
I think that is the first view because what I call wave A in the first scenario seems to be like a corrective wave.
But... we need to follow the evolution of the market and see.
In conclusion
The first and last idea ( bear market) now seems to be more likely.
So, we want to wait for the broke of this triangle and then take a position. By now, the market remains in a side movement, and in this case, it is not convenient to take a position.
Have a nice weekend!
Yours Stock Stork
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