If we can hold an higher low above 20k, we are possible in wave 2 of a bigger wave 3
Wave 3 tends to be very impulsive and have an extension in its wavecount
Wave 3 tends to be very impulsive and have an extension in its wavecount
Note
The correction could be over for bitcoin, namely wave 2 of a extended wave 3.When i look at btceur chart i see:
That we are holding multiple daily closes above the summer high of 2022 and holding the 0,786 fib (normal scale) of the downtrend created in 2022 around 25k euro
If you measure the targets on current data and take in account that the correction is over, you have:
an 1.618 Fib extension for the internal 3the wave, around 47k euro that perfectly lines up with the buying climax of 2021 and the lower high made in 2022
and an 2.618 Fib extension for the extended wave 3 around 60k euro that lines up with ATH
Wave 5 can than go a little bit higher around 80k euro to hit the resistance of the expandanding wedge
This al could take 3 months to 9 months to play out so the siutation could chance of vary
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Possible Adam en Eve bottom tot start the next move en break the larger bullflag Note
The first two waves could be over for bitcoin, namely in an flat corection shapeWe schould go higher from here on out, adam and eve bottom still in play
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we failed to make an new low at this moment and are oversold too, so the 1-2 count is not invalidatedif this bump and run scenrio plays out than the double bottom could turn into an triple bottom
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The run should start nowNote
Reaccumulation idea, expecting a jump across the creekNote
A common mistake traders make with Reaccumulation is to conclude it is Distribution and they initiate a short selling campaign.The key points to be made are that during Distribution volatility and volume increase as the trading range matures and prepares for a bearish downtrend. During Reaccumulation the opposite takes place because of the principals of Absorption.
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So the bump and run played out, triple bottom broke out, 31k is next targetNote
Bitcoin looking for a bullish monthly close at 31k Note
Bullish monthly close seems unlikey nowhowever were still making higher highs en higher lows so the recent move could be another 1-2 wave building up for the bigger wave 3 were volume should be higher and higher
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another 1-2 really zoomed in after the green 2Note
What happens after a series of 1-2 waves?A series of 3-4-5 waves
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Reaccumulation and 1-2 waves idea still not invalidated, if if plays out this will eventually go parabolic, it's only just beginning, just another test of support and 12h 200smaNote
1-2 waves invalidated after the fear dump yesterdayBecause of this invalidation the correction wasn't finished on the 25,8k low where i began counting the first wave
So whats my count now? A complex correction or a double three
A first ABC correction into W, then an ABC correction into X an then to finish another ABC correction in Y
The correction could stil extended in a triple three correction where you could see another correction in X an to finish Z
If it is already finished the correction we except a first 1-2 wave
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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.