Bitcoin could develop 2 patterns in this correction. Either we get a wxy correction where we have finished w as a flat and x as a complex wxy wave, and we get y wave down now, or it could develop a flat correction. Since I have primary wave 2 as a wxy pattern, wxy should not come in primary wave 4. So if my labelling of w 2 is correct and we are indeed in a primary 4th wave, we can only develop the flat correction as illustrated.
Of course we could have a bullish scenario as an alternative as well, but at the moment I think it is hard to get a meaningfull 5 wave structure out of the move from bottom when you read the RSI and wave relationships.
We will se in 6 months time. Have fun
Of course we could have a bullish scenario as an alternative as well, but at the moment I think it is hard to get a meaningfull 5 wave structure out of the move from bottom when you read the RSI and wave relationships.
We will se in 6 months time. Have fun
Note
If top breaks the bearish scenario is invalidated and it would favor a bullish count. The move Down appears to be a double zigzag and not 5 waves at the momentNote
5 wave count down that supports the bearish scenario. w 3 hit fib 2, and w 5 was equal to 1.the bullish count would be that's a double zig zag and w 2 and 4 are zigzags.
we will have to see if top get hit or we get a rejection at around 78%fib.
Note
breakdown of wave 2 down showing that it indeed was an expanding flat. so pretty sure it was a 5 wave move down, and we are in a wave 2 up now to around 49.9. wave 2 prob. is a zigzag where we have completed the a wave.Note
If we are in bear bear mode we should get a 5 wave swing down to around 38K area. There are several possibilities of the current swing down, so bear not confirmed yet, but I am watching this count . I think we finished a wave 2 as a flat correctionNote
we get another push up. since we are doing a corrective wave here (wxy). probably the 5th and last wave from the previous bottom.Note
looks like a corrective zigzag forming to 49 K area, then down continues (if it is a zigzag) Note
looks like this is the count. the recent move up can only be a leading diagonal as I see it. there fore more upside after we have finished a wave 2 down
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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.