The attempt to insert an impulsive scenario ended with a hyper bullish growth count.
Sequence of 1-2, (1) - (2), (i) - (ii) is a typical, impulsive, strongly upward wave progression, which assumes very rapid increases in wave 3. If this count is correct, then the price should grow very fast in the direction of $ 12,000, and even higher, without making deep corrections.
On the other hand, the alternative count assumes a complex wave correction labeled as wave (B) in the form of the Triple Three WXYXXZ, the top of which should fall in the area of just $ 10,800 - $ 11,200. From there, the price should start to fall sharply, breaking levels of $ 10.297, $ 10,000 and $ 9.707, respectively.
Sequence of 1-2, (1) - (2), (i) - (ii) is a typical, impulsive, strongly upward wave progression, which assumes very rapid increases in wave 3. If this count is correct, then the price should grow very fast in the direction of $ 12,000, and even higher, without making deep corrections.
On the other hand, the alternative count assumes a complex wave correction labeled as wave (B) in the form of the Triple Three WXYXXZ, the top of which should fall in the area of just $ 10,800 - $ 11,200. From there, the price should start to fall sharply, breaking levels of $ 10.297, $ 10,000 and $ 9.707, respectively.
Note
#Bitcoin #BTCUSDThe price has hit the target level exactly where I anticipated, at $11,280 ZONE. Now the bears are pushing the price lower towards $10k.
Note
Corrective wave 4 ahead of us?Note
#Bitcoin #BTCUSDAs expected, the price of the BTCUSD cryptocurrency -6.55% started a downward correction in wave 4. Its range may reach PLN 9.707 or $ 9.432. This correction may also evolve in the coil of a more complex and time-consuming correction, for example: formation of a triangle and WXY.
After the wave 4 correction is completed, wave 5 remains to be done, which means that we should expect increases above the level of $ 11,650.
Note
Double Zig-Zag in progress?
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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.