BTC Wave Structure Breakdown
*This post is for Educational purposes only*
Keeping it simple on BTC chart according to Wave analysis, so far we have confirmation that the Bull Market ended at 64,854$. If you had seen the Ending Diagonals shown by red waves, they are confirming the ending of upward trend. Followed by our first Corrective wave. The upward corrective wave pushed beyond the price territory of last wave of bull market which is confirming the corrective structure consist of Expanded Flat with sub structure as 3-3-5 for A-B-C respectively.
So far in our C wave of Expanded Flat, we have seen 2 downward moves and the 3rd and last is yet to come. The Wave breakdown of C wave is in simple 12345 Elliot waves.
If we look at the smaller timeframe chart, which I will be showing below, I have good reasons to believe that we are now in our last downward wave (Wave 5) of our Corrective wave C. The Trend Based time Fib extension of wave 2 from wave 3 shows that the downward move started right around 100% Time Range of wave 2. The sub-wave structure for wave 4 looks like to be a simple ABC zig zag with total retracement of 23.6% of Wave 3.
After wave 4 ended, we saw Leading Diagonal Waves as shown below which in my opinion is the start of 5th wave of wave C which retraced upward as much as 61.8%.
After retracement, we saw 5 wave downward move again and now we are in a corrective structure as shown below.
Thus its safe to assume that the downward push sweeping all the Bulls in this region is coming sooner than expected.
Although it is just a Hypothesis at the moment since Bearish trend has not been confirmed yet since we have not broken down, but my Bias is towards bearish side for the reasons mentioned above.
Currently, the projection on BTC should be something like this:
Keeping it simple on BTC chart according to Wave analysis, so far we have confirmation that the Bull Market ended at 64,854$. If you had seen the Ending Diagonals shown by red waves, they are confirming the ending of upward trend. Followed by our first Corrective wave. The upward corrective wave pushed beyond the price territory of last wave of bull market which is confirming the corrective structure consist of Expanded Flat with sub structure as 3-3-5 for A-B-C respectively.
So far in our C wave of Expanded Flat, we have seen 2 downward moves and the 3rd and last is yet to come. The Wave breakdown of C wave is in simple 12345 Elliot waves.
If we look at the smaller timeframe chart, which I will be showing below, I have good reasons to believe that we are now in our last downward wave (Wave 5) of our Corrective wave C. The Trend Based time Fib extension of wave 2 from wave 3 shows that the downward move started right around 100% Time Range of wave 2. The sub-wave structure for wave 4 looks like to be a simple ABC zig zag with total retracement of 23.6% of Wave 3.
After wave 4 ended, we saw Leading Diagonal Waves as shown below which in my opinion is the start of 5th wave of wave C which retraced upward as much as 61.8%.
After retracement, we saw 5 wave downward move again and now we are in a corrective structure as shown below.
Thus its safe to assume that the downward push sweeping all the Bulls in this region is coming sooner than expected.
Although it is just a Hypothesis at the moment since Bearish trend has not been confirmed yet since we have not broken down, but my Bias is towards bearish side for the reasons mentioned above.
Currently, the projection on BTC should be something like this:
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