#Bitcoin_Update : Where To Go Next? #Possible_Scenario_01
Updated
#Bitcoin_Update #Possible_Scenario_01
This is not a confirmed signaling prediction but it is just an idea given based on the trend and price action Bitcoin is showing. We are seeing a huge correction on Bitcoin by the last 24 hours and it is showing one of the Flat corrective wave specifically an 'Irregular/Expanded" correctional wave creation.
Some Points On Flat Correction Waves :
- A flat correction is a 3 waves corrective move labelled as ABC. Although the labelling is the same, flat differs from zigzag in the subdivision of the wave A. Whereas Zigzag is a 5-3-5 structure, Flat is a 3-3-5 structure. There are three different types of Flats: Regular, Irregular / Expanded, and Running Flats.
- Expanded Flats Corrective Waves have the following behaviors:
• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three
• Wave B of the 3-3-5 pattern terminates beyond the starting level of wave A
• Wave C ends substantially beyond the endng level of wave A
• Wave C needs to have momentum divergence
• Wave B = 123.6% of wave A
• Wave C = 123.6% – 161.8% of wave AB
This is not a confirmed signaling prediction but it is just an idea given based on the trend and price action Bitcoin is showing. We are seeing a huge correction on Bitcoin by the last 24 hours and it is showing one of the Flat corrective wave specifically an 'Irregular/Expanded" correctional wave creation.
Some Points On Flat Correction Waves :
- A flat correction is a 3 waves corrective move labelled as ABC. Although the labelling is the same, flat differs from zigzag in the subdivision of the wave A. Whereas Zigzag is a 5-3-5 structure, Flat is a 3-3-5 structure. There are three different types of Flats: Regular, Irregular / Expanded, and Running Flats.
- Expanded Flats Corrective Waves have the following behaviors:
• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three
• Wave B of the 3-3-5 pattern terminates beyond the starting level of wave A
• Wave C ends substantially beyond the endng level of wave A
• Wave C needs to have momentum divergence
• Wave B = 123.6% of wave A
• Wave C = 123.6% – 161.8% of wave AB
Trade closed: target reached
#Bitcoin_Update
Bitcoin moving exactly as we predicted on our last update forming an expanded flat corrective wave of Five. Currently testing the corrective 50% fib level at around $11759 area. If it can't break out from this area which is the most probable outcome from the study, we will be heading for the formation of the third wave of the major wave C which have the possibility to go further towards first to $9651 and if the expanded flat corrective wave is going to develop will rebound from there towards the $10553 for a corrective correction move and will be heading upto $8100 and even towards the 161.8% fib level at around 7044 USD. But we need some more time to conclude about the formation of an expanded flat corrective wave for now. In my opinion this is a most probable outcome to predict so far. We will give more updates on the trade soon. Stay Tuned For More.
Besides please consider to drop your likes if you agree with the idea and drop your comments if you have any disagreement on the idea for making a good learning progress between us. Further we would like you to help us grow our community by following our profile here in trading view and other major social media platforms. @TogetherWeAccumulate .
With Regards. TeamTWA.
Note
Besides if this scenario will be forming as we predicted and rejected from the area between 11750 USD and 12000 USD there will be a likely H&S formation once again which will be a validation for a further low point to wards the recent low at around 9.6K area. We got to see having some more time for a confirmed prediction though. Stay Tuned. With Regards.TeamTWA.
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