Extreme Bullish Pattern is formed? ABC correction could help us!
#BTC OVERALL REVIEW
The pattern has formed a perfect cup, if a retracement occurs to retest / confirm support at 8570 (or 8249). Instead it will form a Cup & Handle Pattern that'll make the bullish power even more extreme.
Will there be a retracement?
1. Projection of 5th wave length are usually 1x or 0.618x 1st wave length. If you look at the chart, the end of 5th wave (assuming same length as 1st) is exactly at the yearly resistance and top uptrend channel.
2. RSI made a double top, just like January 20 where the pullback immediately occurred to make 4th wave. (tradingview.com/chart/BTCUSD/nbna6aPh-So-many-short-signals-4th-waves-soon-comes/)
3. When the impulsive wave is finished, it is usually followed by an ABC correction before returning to the main trend. Even though the extensions might occur up to 1.618x ... But assuming the impulsive wave has been completed is still valid
Seeing the conditions above, in my opinion it is very possible that we'll start a retracement starting from here. Actually, I prefer that one, remember that healthy bulls trend will not go berserk in one direction overnight.
Don't forget to do your own research!
Happy weekend, Be safe ... Also please follow and leave a like if you like my analysis, that's mean a lot to me:)
The pattern has formed a perfect cup, if a retracement occurs to retest / confirm support at 8570 (or 8249). Instead it will form a Cup & Handle Pattern that'll make the bullish power even more extreme.
Will there be a retracement?
1. Projection of 5th wave length are usually 1x or 0.618x 1st wave length. If you look at the chart, the end of 5th wave (assuming same length as 1st) is exactly at the yearly resistance and top uptrend channel.
2. RSI made a double top, just like January 20 where the pullback immediately occurred to make 4th wave. (tradingview.com/chart/BTCUSD/nbna6aPh-So-many-short-signals-4th-waves-soon-comes/)
3. When the impulsive wave is finished, it is usually followed by an ABC correction before returning to the main trend. Even though the extensions might occur up to 1.618x ... But assuming the impulsive wave has been completed is still valid
Seeing the conditions above, in my opinion it is very possible that we'll start a retracement starting from here. Actually, I prefer that one, remember that healthy bulls trend will not go berserk in one direction overnight.
Don't forget to do your own research!
Happy weekend, Be safe ... Also please follow and leave a like if you like my analysis, that's mean a lot to me:)
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