Currently, it is on-process to form "Corrective Major Cycle wA" but not yet confirmed in Weekly chart yet.
Please see Weekly chart analysis as per link below.
At the moment, CDC Action Zone is still red, meaning MACD is below zero line.
MACD histogram shuffling right now but no bullish divergence mathematically appeared in MACD indicator yet, although visual cues have now shown in chart.
Below is Corrective (5-3-5) Major Cycle wA with 5 Common Motive Wave Count
Scenario #1: Rebound and confirmed Major Cycle wA.
Potential reversal is near but very likely that it is rally in downtrend.
If price pushed back above USD 88,798.66 then we can expected CDC Action Zone to be green signal and rebound back in 61.8% - 78.6% (USD 96,017.31 - USD 101,882.66)
(40% likelihood rebound)
Scenario #2: Continue to be downtrend and yet to confirmed Major Cycle wA.
Although there is potential reversal but it still within downtrend regression line, therefore, it is safe to say that it is still on downtrend. (50% likelihood continuation of downtrend)
Scenario #3: V-shape strong bullish uptrend, pushes price above USD 109,354 within this month (10% likelihood)
It is still possible to push price back up above USD 109,354 and form Strong B corrective Major Cycle wA but chance is low in my opinion.
Short term Action Plan buy BTCUSD
Option 1a. Wait for CDC Action Zone to inform Buy Signal and enter Long Position and exit appropriately.
"No Signal, No Buying Policy"
Please see Weekly chart analysis as per link below.
At the moment, CDC Action Zone is still red, meaning MACD is below zero line.
MACD histogram shuffling right now but no bullish divergence mathematically appeared in MACD indicator yet, although visual cues have now shown in chart.
Below is Corrective (5-3-5) Major Cycle wA with 5 Common Motive Wave Count
Scenario #1: Rebound and confirmed Major Cycle wA.
Potential reversal is near but very likely that it is rally in downtrend.
If price pushed back above USD 88,798.66 then we can expected CDC Action Zone to be green signal and rebound back in 61.8% - 78.6% (USD 96,017.31 - USD 101,882.66)
(40% likelihood rebound)
Scenario #2: Continue to be downtrend and yet to confirmed Major Cycle wA.
Although there is potential reversal but it still within downtrend regression line, therefore, it is safe to say that it is still on downtrend. (50% likelihood continuation of downtrend)
Scenario #3: V-shape strong bullish uptrend, pushes price above USD 109,354 within this month (10% likelihood)
It is still possible to push price back up above USD 109,354 and form Strong B corrective Major Cycle wA but chance is low in my opinion.
Short term Action Plan buy BTCUSD
Option 1a. Wait for CDC Action Zone to inform Buy Signal and enter Long Position and exit appropriately.
"No Signal, No Buying Policy"
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.
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.