The pattern of BTC is at a crossroads. It may be completing the 4th wave of a 5 wave Y leg. The 5th leg should fall to the 8600 area. It will then have completed a corrective pullback and will then be ready for a bull impulse.
If it continues up and closes above 10925 it may be extending all the way up to the descending line at 12,200 it will have completed the D leg of an ABCDE descending triangle. If that is the case it will then take an E leg pullback to the same double bottom test, forming a third bottom at 9900 Ish. It will then be set to launch up in a bull impulse again.
So, either way there is a lower value coming, and then in time, a bull run is most likely.
Let’s see ...
If it continues up and closes above 10925 it may be extending all the way up to the descending line at 12,200 it will have completed the D leg of an ABCDE descending triangle. If that is the case it will then take an E leg pullback to the same double bottom test, forming a third bottom at 9900 Ish. It will then be set to launch up in a bull impulse again.
So, either way there is a lower value coming, and then in time, a bull run is most likely.
Let’s see ...
Note
Wow: Looks like a decided commitment to the WXY corrective pattern. We are on our journey down the 5th wave. next stop 8600 land. Then we see if this is a WXY corrective or a WXYXY (a further corrective). Resistance at 10,200...9,900...9,100...8,800...8600. Should extend all the way to 8600 if wave 5 is the prototypical length of wave 1 (which went from 13,200 to 10,890).Note
Traveling down the 5th wave still. Sharp, decided move down took out most higher level resistance without any effort. 9100 held ground and gave a volume bounce up to 9500. Should still have a press and test of 8800 and then 8600. Then we have to see if this correction is done ... if it is ... bull impulse wave coming.
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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.