Could the weird BTC pattern be explained by an expanded flat?
Updated
I am by no means an EW expert, in fact, I am often quite skeptical of it.
But sometimes, as with other tools, it proves to be a useful instrument.
What if we have misread BTC's behavior the past years? I was thinking how BTC can make such a weird looking structure and how it could fit into the grand scheme of things.
Maybe an expanded flat could be the answer: technical.traders.com/tradersonline/display.asp?art=8781
According to that theory, we are now in the C wave of this corrective structure. Wave C goes lower than wave A, so we should hit below 28.8k, therefore I think we will hit either
the MA200 at 22k or in an extreme case the MA290 at 17k.
Afterwards, if we are lucky and that pattern holds true, we might see BTC rally, which would certainly come unexpectedly for many. And because it is so weird an unexpected, it would nicely fit
Bitcoin's behavior of the past years.
This can of course only occurd if DXY starts to fall after BTC has seen the low.
But sometimes, as with other tools, it proves to be a useful instrument.
What if we have misread BTC's behavior the past years? I was thinking how BTC can make such a weird looking structure and how it could fit into the grand scheme of things.
Maybe an expanded flat could be the answer: technical.traders.com/tradersonline/display.asp?art=8781
According to that theory, we are now in the C wave of this corrective structure. Wave C goes lower than wave A, so we should hit below 28.8k, therefore I think we will hit either
the MA200 at 22k or in an extreme case the MA290 at 17k.
Afterwards, if we are lucky and that pattern holds true, we might see BTC rally, which would certainly come unexpectedly for many. And because it is so weird an unexpected, it would nicely fit
Bitcoin's behavior of the past years.
This can of course only occurd if DXY starts to fall after BTC has seen the low.
Note
Here is a more precise wave count:I still think that this structure could be in play, especially if now the DXY starts dumping, which we already see happening.
Now, we need the 2Y and 10Y US govt bond yields to start declining again, so that the NDX can also start the last phase of the bull pump, which will coincide imho with the 5 wave move to the top for Bitcoin.
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