BitcoinShort
BTC local timeframe
Yellow count would represent a larger flat and full market shakeout. However, the initial drop from 49k can be regarded both Motive or corrective. Hence why we have such a strong upwards move.
This is why i added a sideways combo potential .
Significance in sideways combination guideline wise is that the retracement of the initial actionary wave W should be at least 90% . Current spot price wise is enough for me to call it a wave X or B of a larger flat.
If we are in a sideways combination, any simple corrective pattern for a wave Y is possible.
Triangle/ Flat/ Zig zag
This is why i added a sideways combo potential .
Significance in sideways combination guideline wise is that the retracement of the initial actionary wave W should be at least 90% . Current spot price wise is enough for me to call it a wave X or B of a larger flat.
If we are in a sideways combination, any simple corrective pattern for a wave Y is possible.
Triangle/ Flat/ Zig zag
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.