Bitcoin 5th extension impulse targets
As we all can see, the BTC price try to revive from the previous dip. However, each time it fails to overcome the situation.
according to the chart there was a correction which had started its way from the top (64854 $).
After reaching the 30k, BTC try to consolidate around this price, due to the existence of bears and bulls supply zones. in this regard, a classic pennant was created. From Elliott point of view it is a contracting triangle pattern which created as wave 4 for the larger fractal.
After the breakout from the bottom of the triangle the possibility of a larger Zigzag pattern has become strong.
A zigzag pattern generally consist of A: motive pattern - B: corrective pattern - C: motive pattern.
now we are in the A wave. the last part of this wave which is evidently an impulse structure is a 5th extension impulse according to Neowave theory.
Check the chart for more information.
It's not a financial advice.
DYOR
according to the chart there was a correction which had started its way from the top (64854 $).
After reaching the 30k, BTC try to consolidate around this price, due to the existence of bears and bulls supply zones. in this regard, a classic pennant was created. From Elliott point of view it is a contracting triangle pattern which created as wave 4 for the larger fractal.
After the breakout from the bottom of the triangle the possibility of a larger Zigzag pattern has become strong.
A zigzag pattern generally consist of A: motive pattern - B: corrective pattern - C: motive pattern.
now we are in the A wave. the last part of this wave which is evidently an impulse structure is a 5th extension impulse according to Neowave theory.
Check the chart for more information.
It's not a financial advice.
DYOR
Note
the target of the down trend are still valid due to the potential dip.
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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.
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.