BitcoinLong
BITCOIN IN A LARGE FLAT?
LOOKING AT BTC RIGHT NOW SINCE WE CLOSED MONTHLY ABOVE 6400 WHICH WAS A KEY LEVEL BACK IN 2018 AND ALSO ACTED AS SUPPORT FOR THE RUN TO 10.5K THIS YEAR , WE CAN ASSUME THAT WE WILL ATLEAST RETEST THE PREVIOUS RANGE HIGHS. NOW WHEN YOU LOOK AT THE MOVE DOWN FROM 19K TO 3K , WE CAN CLEARLY SEE IT WAS A 3 WAVE MOVE WITH B OR X WAVE BEING A TRIANGLE. NOW THIS ENTIRE MOVE CAN BE MARKED AS AN A WAVE OR W I DONT REALLY CARE , BUT SINCE I'M ANTICIPATING A FLAT I WILL GO AHEAD AND LABEL IT AN A WAVE. NOW THE REAL QUESTION IS WHETHER THE MOVE FROM 3K TO 13K IS PART OF A LARGER B WAVE OR IS IT THE SAME DEGREE OF THE FIRST 3 WAVE PATTERN BEING LABELLED A . b WAVES GENERALLY EAT UP 2-3X TIME OF A WAVES , SO IN MY OPINION THE FIRST LEG UP IS JUST PART OF A LARGER B WAVE AND THE MOVE DOWN FROM 13K TO 3.8K IS ALL OUR b WAVE OF LARGER B WAVE AND NOW WE ANTICIPATE THE C LEG UP. I HAVE MARKED THE RESPECTIVE ARROWS IN THE COLORS THAT SIGNIFY THE MOVE AS IN TO WHICH DEGREE IT DENOTES. CLOSING WEEKLY OVER 8.5K WILL SEAL THE DEAL THAT WE WILL GO UP AND TEST 10.5K ONCE AGAIN AND BREAKING 10.5K WITH VOLUME AND WE SHOULD TEST THE ATH.
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.