$BTC Bitcoin WXY double correction zigzag expanded flat cycle II
Updated
Bitcoin completed cycle I at 69k in Nov
has been in double correction since through WXY connector with cycle II in progress and should complete in 7 swings lower.
Target for wave C is approx 32k-25k
Target for wave Y ranges between 25k-8k, with 25k as a common ground
We will have to await to see how the wave structure unfolds.
We should get a decent bounce from these lows before resuming downtrend along the bearish trendlines.
Once we complete current set of 5 waves in Minor degree (red), we will get more accuracy for targets of wave C and Y to end cycle II.
This is not exact science here, but a general outlook as long as the idea remains the same as we're in a bearish downtrend with an incomplete bearish sequence of LH's & LL"s.
The trend continues in SAME direction, until, it doesn't.
45k & 52k peaks remains invalidation levels for ABC and WXY to keep an eye for.
NFA . DYOR.
Just sharing ideas. Feel free to leave comments, hit like to show support and if you manage to hit targets from these ideas, please let us know.
Tips are always welcomed :)
Thank you for viewing, sharing and safe trading to you all!
has been in double correction since through WXY connector with cycle II in progress and should complete in 7 swings lower.
Target for wave C is approx 32k-25k
Target for wave Y ranges between 25k-8k, with 25k as a common ground
We will have to await to see how the wave structure unfolds.
We should get a decent bounce from these lows before resuming downtrend along the bearish trendlines.
Once we complete current set of 5 waves in Minor degree (red), we will get more accuracy for targets of wave C and Y to end cycle II.
This is not exact science here, but a general outlook as long as the idea remains the same as we're in a bearish downtrend with an incomplete bearish sequence of LH's & LL"s.
The trend continues in SAME direction, until, it doesn't.
45k & 52k peaks remains invalidation levels for ABC and WXY to keep an eye for.
NFA . DYOR.
Just sharing ideas. Feel free to leave comments, hit like to show support and if you manage to hit targets from these ideas, please let us know.
Tips are always welcomed :)
Thank you for viewing, sharing and safe trading to you all!
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minor updates to current labels (ABC) and (WXY) [SAME IDEA here].the targets as shown below, unless we break out above the yellow line before reaching these targets (obviously)
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minor adjustments to wave labels, no major changes, same idea, same targets same invalididations, just change of labels in current view Note
I use the BLX as my clean chart, the other BTC charts are filled with trendlines and minutte degree wave counts, a mess, its good to have a few charts to work with and 1 or 2 as a master copyNote
** on BLX there will always be a slight difference of few 100 dollars **Note
should get 1 last push and fail below that 46k areaNote
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BULLZOOKA!!extended rally aka BULLTRAP
now we resume the trend of LH's & LL's
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in chess, u must think 4 moves in advance
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