BTC's complicated correction 🥴
Updated
Hi everyone,
wish y'all have a profitable lifestyle.
📍 As when we are in a corrective wave in BTC and almost all the crypto-currency pairs, I see the correction like this.
📍 Either we are in a B wave or the 1st E-wave.
📍 Both scenarios are possible as we can say the first Zig Zag correction is 5-3-5.
⚠️ Now we may have 2 scenarios; all the correction is only the "A" leg of the A-B-C (5-3-5) correction, we can assume that we are in the B phase, or we can claim that the A-B-C (5-3-5) is already over and we may see a new cycle on the rise.
📌 If we are in the B phase we have already passed the 0.618 Fib retracement of the A wave, however the 0.78 Fib is also valid for the B phase.
⚠️ If we reach the 0.78 Fib Retracement which is in the 53k price zone, we have to be extremely careful and wait for more confirmations and make a decision about the upcoming price movement.
THIS IS NOT A FINANCIAL ADVICE
I ONLY SHARE MY OWN PERSONAL OPINION ABOUT THE CHART
wish y'all have a profitable lifestyle.
📍 As when we are in a corrective wave in BTC and almost all the crypto-currency pairs, I see the correction like this.
📍 Either we are in a B wave or the 1st E-wave.
📍 Both scenarios are possible as we can say the first Zig Zag correction is 5-3-5.
⚠️ Now we may have 2 scenarios; all the correction is only the "A" leg of the A-B-C (5-3-5) correction, we can assume that we are in the B phase, or we can claim that the A-B-C (5-3-5) is already over and we may see a new cycle on the rise.
📌 If we are in the B phase we have already passed the 0.618 Fib retracement of the A wave, however the 0.78 Fib is also valid for the B phase.
⚠️ If we reach the 0.78 Fib Retracement which is in the 53k price zone, we have to be extremely careful and wait for more confirmations and make a decision about the upcoming price movement.
THIS IS NOT A FINANCIAL ADVICE
I ONLY SHARE MY OWN PERSONAL OPINION ABOUT THE CHART
Note
The "B" and "1" / New cycle waves explained
Trade active
price just pulled back to the infamous trend-line. It also can be a fake break-out
We have to wait for more which is the weekly close
Weekly Close
Trade closed: target reached
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