Bitcoin might be making a leading diagonal up. On 2 h time frame it looks like we have completed a zigzag as a potential wave 4 of a diagonal.
Note
Potential zigzag finished Note
Ending diagonal as c wave Note
Have we entered a long term Bear market. ?Perhaps but still it is possible that we are in the final stages of a wave 4. ( expanded flat)The c wave should unfold as an ending diagonal. It appers that wave 1 was zigzag. Wave 3 could be counted as a double zigzag. We should now have 4 that should overlap end of wave 1. Wave 5 should infold as a zigzag and should be shorter the w 3. If we go lower without s Big bounce this is not a wave 4 but a wave 2 Bear market Note
Also possible that we have finished a wxy as wave 4 like this. Note
Looks like we get one more wave towards 23 k. Before bounce or possible reversal Note
Question is. Are we in a c wave Down to 23k the red count. Or is this a more bearish 5 wave decline with a wave 3 Down to 20.8k the yellow count? If yellow count plays out we must be in the beginning of a deep wave 2. Note
5 waves Down could be in. Looks like we dig 5 waves up then a correction and now it seems to be building up a leadin diagonal as wave 1 of a 3 rd wave up or wave a of a zigzag up. Note
Looks like we have begun next wave Down Note
We might have finished 5 downs so we get a bigger bounce up or a reversal Note
Picture getting clearer. A wave = 5 waves. Then a triangle and then wave 1 and 2 of c wave up Note
Its possible that it was the bottom and the 4 th wave was a 3-3-3 structure wxy in a shape of a flat. If you look at the weekly we are at bottom of a Channel. If it is a reversal we Will have a 5 th wave up possibly to 108. Same structure on eth. On ripple a zigzag on the weekly seems complete. We Will see Note
Looking for a bullish setup on small tf to support the weekly chart above. Since the triangle was invalidated i am looking if we get an exp flat with c wave as an ENding diagonal. Note
We could be making a leading diagonal here or a wxy up Note
Update Note
Looks weak. Not sure we get a y wave up.atm we have a completed zigzag up. That might be it. We might get this wave Down. Sorry by all the Lines but note the blue count. In this wave 2 was exp flat so a zigzag in wave 4 fits plus the current zigzag went to 0.38 fib of potential blue wave 3. Note
31.7 and 28 k are key areas. Will see which of em breaks.Note
Update. 21.6 area for wave blue wave 5. Note
Dont Think we quite finished the 5 waves. Wave 4 should last about 4-6 days. I Think we in that wave 4 now before moving Down one more time Note
Difficult to count all the small subwaves correct but I dont Think we finished. The 5 waves Down from 32 k is not a 5 th wave but a 3 rd wave within a larger 3 rd wave. Target is around 17 k for this 5 wave structure. I wil be updating on the post about bubble bursting. 
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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.