BitcoinShort
BTC Falling Wedge - Extension of Correction into Wave 5
We see a falling wedge forming on BTC on the day chart. If BTC falls to around ~41k overlapping wave 2 in this wedge, it will be indicative of an extended corrective wave and continue down for 5-10 days more before resuming uptrend. This would put us around 16 days total correction which falls in line with the durations we saw in the previous corrections during this bull run. Currently we only registered 6 proper days of correction on this current wave and thats well short of the 19 and 15 days we reported in preceding corrections.
One thing that makes me hesitant to report deeper corrections is how quickly we dumped this past week, over twice as steep a dump as the preceding one, and 80% steeper than the one in January. Increased volatility due to other market factors like Tesla, SEC, Bonds, etc. seem to converge in stoking the fires of volaility making it harder to predict movements.
Likely short opportunities over the coming five to ten days. I'll update this later based on newer data and confirm whether this is a wedge and whether the correction is continued.
Note - as always a reminder that I am still in my first year of TA so feedback, good bad or indifferent is welcome.
One thing that makes me hesitant to report deeper corrections is how quickly we dumped this past week, over twice as steep a dump as the preceding one, and 80% steeper than the one in January. Increased volatility due to other market factors like Tesla, SEC, Bonds, etc. seem to converge in stoking the fires of volaility making it harder to predict movements.
Likely short opportunities over the coming five to ten days. I'll update this later based on newer data and confirm whether this is a wedge and whether the correction is continued.
Note - as always a reminder that I am still in my first year of TA so feedback, good bad or indifferent is welcome.
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