Bitcoin

Friday morning - where are we on the subwave?

112
So it appears we have started sub-subwave 3 of subwave 5 of wave 5. We may still be on sub-subwave 2 though.

I believe we are on sub-subwave 3 for these reasons:
1. The sharp drop in the direction of the motive wave (down) implies the start of an impulse wave
2. Sub-subwave 2 is sufficiently long compared to other sub-subwaves in other subwaves

We will know shortly. If we are still on sub-subwave 2, the price should now creep up higher than $6800 to complete the wave. But if the wave drops and keeps going down then it is confirmed on sub-subwave 3.

If we're on sub-subwave 3, then the length of this wave is important:
1. Same length as sub-subwave 1: that implies sub-subwave 5 would be the longest
2. shorter than sub-subwave 1: that means sub-subwave 5 will be the shorter than sub-subwave 3 (best case scenario)
3. longer than sub-subwave 1: that gives sub-subwave 5 freedom to be any length (worst case scenario - unpredictable)

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.