BTC follow-up on previous analysis
Updated
In my previous weekly analysis on the BTC weekly chart, i discussed about the importance of 33.5k region and if we loose that area, we are very much likely to be visiting 25.5k area.
In the current scenario, on daily chart, it seems like our wave 4 of retracement was finished recently which was forming a bearish flag as seen in the hart below. That was soon carried out by our last impulsive wave of our downward BTC cycle.
At the time being, we are trading below the amplitude of wave 1 impulse indicating that we are in expanding diagonal waves. It further indicates the fact that we will at least go 100% of wave 3 (30.85) or maybe more till 161.8% (25.65k). Since once we loose the major fib level of 100% of our bigger cycle wave A (shown in weekly chart) which is present near 33.4k. The next level will be around 123.6% of our wave A which also lies around 161.8% of our minor wave 3 (25.5k) thus indicating that the bottom for this BTC cycle will most likely end near 25-26k. Though a bounce from that area might take sometime or there might be more price action required to confirm the bounce. Either way, once we have enough price action afterward, we can easily say that our next upward Bull Run will start from 25-26k in most likely scenario.
In the current scenario, on daily chart, it seems like our wave 4 of retracement was finished recently which was forming a bearish flag as seen in the hart below. That was soon carried out by our last impulsive wave of our downward BTC cycle.
At the time being, we are trading below the amplitude of wave 1 impulse indicating that we are in expanding diagonal waves. It further indicates the fact that we will at least go 100% of wave 3 (30.85) or maybe more till 161.8% (25.65k). Since once we loose the major fib level of 100% of our bigger cycle wave A (shown in weekly chart) which is present near 33.4k. The next level will be around 123.6% of our wave A which also lies around 161.8% of our minor wave 3 (25.5k) thus indicating that the bottom for this BTC cycle will most likely end near 25-26k. Though a bounce from that area might take sometime or there might be more price action required to confirm the bounce. Either way, once we have enough price action afterward, we can easily say that our next upward Bull Run will start from 25-26k in most likely scenario.
Comment
I did a mistake and miscounted the waves and labelled wave 4 of our minute cycle as wave 4 of intermediate cycle. Guess I was feeling sleepy at the time of analysis. The ABC correction in the above bear flag was of our Minute cycle which ended with wave 5 of downward and wave 3 of Intermediate Cycle. We are currently in wave 4 retracement of our Intermediate cycle which will soon be carried out by our last wave 5 downward impulse. The image below can be taken as reference to see the waves more clearly.
Related publications
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.