BTC Various Scenarios (Update)
All three previous scenarios are still valid. However a complex triangle has formed and has delayed the progression through the waves.
The triangle has formed 5-3-5-3-5 wave internals and should be considered a motive wave. Interpreting it as a correcting triangle is a bit of a stretch, but still valid. Considering this, the probability of the there scenarios has changed:
1. Yellow:
The triangle is interpreted as a leading diagonal as wave 1 of smaller degree. As this is motive wave, expect a corrective wave up to around 4000. A strong pullback below 3000 should follow as part of a wave 3. This scenario is rejected if we move above 4250.
2. Teal:
The triangle is interpreted as corrective triangle as wave B of smaller degree. Once we finish the upward zig-zag correction to around 4500 we will drop below 3000. The character of wave C in the upward zig-zag will be key in differentiating from the more bullish scenario (magenta).
3. Magenta:
The triangle is interpreted as corrective triangle as wave 2 of smaller degree. We are about to enter wave 3 which should break 5000. This scenario is rejected if we move below the recent low at 3150.
Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment.
The triangle has formed 5-3-5-3-5 wave internals and should be considered a motive wave. Interpreting it as a correcting triangle is a bit of a stretch, but still valid. Considering this, the probability of the there scenarios has changed:
1. Yellow:
The triangle is interpreted as a leading diagonal as wave 1 of smaller degree. As this is motive wave, expect a corrective wave up to around 4000. A strong pullback below 3000 should follow as part of a wave 3. This scenario is rejected if we move above 4250.
2. Teal:
The triangle is interpreted as corrective triangle as wave B of smaller degree. Once we finish the upward zig-zag correction to around 4500 we will drop below 3000. The character of wave C in the upward zig-zag will be key in differentiating from the more bullish scenario (magenta).
3. Magenta:
The triangle is interpreted as corrective triangle as wave 2 of smaller degree. We are about to enter wave 3 which should break 5000. This scenario is rejected if we move below the recent low at 3150.
Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment.
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