I count BTC as having completed Wave III. Wave IV is an A-B-C consolidation that ended at around 53,500 on July 5, 2024. We are now in Wave V up. We have completed Wave 1 of V and are now in Wave 2 of V consolidation. Wave 2 of V might have ended today at just below 200 DMA or it might end at 61.8% retracement level at 59,850 ish, or it may drop to the bottom line of the fork. After Wave 2 completes, Wave 3 UP will start and be quite impulsive.
This view is invalidated if BTC breaks below 53,500, in which case we're still in Wave IV consolidation.
This view is invalidated if BTC breaks below 53,500, in which case we're still in Wave IV consolidation.
Note
BTC came down and touched the bottom line of the pitchfork. If BTC is still in an uptrend, then a re-touch of that bottom line is a long entry with a stop loss at a few points below today's low, targeting the middle line.Note
53,500 breached so still in Wave IV consolidation, probably in Wave C.
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Disclaimer
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.