Updated

Bearish scenario for bitcoin ahead?

Bitcoin might not have completed its 4th wave.
At the moment it looks as if we have completed 2 -5 wave structures to new ath.
The red c wave is equal to wave A which is common in a zigzag, and we have bearish div. on bigger timeframes. So at the moment it seems that the move up from 28 k to ath was a corrective pattern.

If thats the case, we will make either a 5 wave structure down to 30 k. to finish a flat, or we wil make a triangle to finish wave 4.

The 2 five waves up could also be 2 first waves of a larger 5 wave structure up. We wil have to watch how the waves progress.

In short term we can see that we made a 5 wave decline down from top and we now correting this move down before more downside to come.

Note

Shortterm. We are correcting the move Down from ath in a Flat correction. Looks like the b wave is a complex wxy wave like this

Note

C wave up in progress

Note

Does not look like a flat for now. We might be in an ENding diagonal for 5 th wave. Then this pattern could play out. In that case we bullish

Note

Ending diagonal above is nvalidated. Gould be a b wave Down if so a Tiny push more Down before c wave up. If that doesnot happen the pattern is unclear at the moment.

Note

Looks like 3rd wave Down is under Way and we only Got a shallow wave 2. Something like this.

Note

Current small correction could develop into a triangle ( wave e have to confirm though). If it is this is a 4 th wave of smaller degree. That would change the look at the overall structure like this with an end target at around 53 k for w 1 ( or an a wave).

Note

2 possible counts. Either we finished 5 waves Down ( the yellow) or we in the blue count. Blue count invalidated if it goes higher. If the yellow count is it. We could have finished a flat correction from the 2 recent tops and we resume Bull or it is the first leg of a bigger move Down.

Note

Blue count is close to invalidated so the yellow count stands. I Think the five waves Down was most likely a c wave of a flat from top. Bull move up to new ath if thats the case. More downside if ath leg was a fifth wave ( less likely but still possible.)

Note

Shortterm: looks like an exp flat for w 2 - expecting something like this

Note

Current wave structure suggests its a wxy corrective move up and not a bullish move. The red abc I count as a triangle. If this is correct the triangle can only be an x-wave and we are in final y wave before resuming downtrend. If I am wrong about the triangle Bull case is still possible. 59.5 kish probably target for y wave.

Note

Above wxy invalidated now.The red wave was not a triangle then.

Note

Looks like another flat completed. We should have more push towards 59.3. we could have 2 first waves up with 2 flats as second waves. 59.3-5 area is decision area. It must break this time for bulcase to be intact.

Note

Not a clear picture. Multiple patterns in play here. I Will share which patterns I look for.
Pattern 1
If this play out we must have a zigzag up for wave 4 and zigzag Down for wave 5. That. Would finish s bigger flat correction with c wave as a diagonal. Alt. The flat could be a wave 2

Note

Pattern 2:
We finished a zigzag up and we resume downtrend ( the blue count mentioned earlier would then be in play)

Note

Pattern 3
We finished a w and an x.

Note

Pattern 4
We could be building up a leading diagonal wth wave 1 and 2 completed. This would then be a wave 1 of bullish move or wave a of a corrective zigzag up.

Note

Pattern 5.

Note

Ew Can be confusing. Just wanna to show all the possible takes on it. My personal opinion is that pattern 5 is the one to look for. I based that on the red a wave after the hello y is a 3 wave move in form of double zigzag.

Note

The yellow x

Note

waves became clear. a 5 wave decline with an ending diagonal has finshed. we go up. also bullish divergence on 3 h

Note

It could very well be a finished wave c of a flat. it hit 161. If so its the bullish scenario with 2 1st waves form 30 k we are looking at and we are on the way to new highs

WaveNerd

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.

WaveNerd