Bitcoin Wave 4 correction idea
So i propose this idea that wave 4 for BTC is in fact a flat correction. Whether its expanded, regular or running depends on where we end up here.
So in my view we have completed an expanded flat for A wave of this wave 4. Were now in the B wave, where to me looks like its taking form of a zigzag formation (535), where we've completed the first 5 wave down (A wave) and are now forming a regular flat for B wave. Once B wave completes around the 8200 (resistance level), we then shoot for our C wave impulse down to complete B wave. My Plan will be close my short at 7800 (we may drop lower incase of an expanded flat, but to be safe il only be longing 7800 when we get the first impulse up for wave 1 of the larger C wave.
I will then be looking for the C wave to terminate around the 8600 region where il be placing shorts ready for the final wave 5 down.
So in my view we have completed an expanded flat for A wave of this wave 4. Were now in the B wave, where to me looks like its taking form of a zigzag formation (535), where we've completed the first 5 wave down (A wave) and are now forming a regular flat for B wave. Once B wave completes around the 8200 (resistance level), we then shoot for our C wave impulse down to complete B wave. My Plan will be close my short at 7800 (we may drop lower incase of an expanded flat, but to be safe il only be longing 7800 when we get the first impulse up for wave 1 of the larger C wave.
I will then be looking for the C wave to terminate around the 8600 region where il be placing shorts ready for the final wave 5 down.
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.