This idea represents a triangle pattern in a larger degree wave 4. Assuming wave 4 isn't yet complete, this concept helps us identify where Bitcoin will potentially bottom out before surging into wave 5.
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nasdaq and btc are in common pattern I would love to see if we bounce in the Wave E area
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We are forming a symmetrical triangle within the completion of wave 4; however, in general markets, this pattern is often seen as a primary target. The extended duration of this formation is becoming a concern.
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I think this diagonal pattern make the most favorable but its too early to conclude that this pattern will materialized and we can set aside internal count biases and acknowledge that we are working with a corrective 3-wave move, leading us to the only viable pattern option—a possible leading diagonal in a contracting form, even if it’s not the favored outcome. Waves 3, 4, and 5 still remain to be completed.
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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.