DECISION TIME FOR BTC? IS THIS WAVE CORRECTIVE OR IMPULSIVE?
It all comes down to this correction here. How deep we go will be able to tell us if we will find new lows once more.
If we Correct no lower than a 0.382 of "3rd" wave, and particularly hang around the 0.236 before moving higher, then IMO this is without a doubt an impulse and we have likely seen the bottom.
IF we break lower and find our continuation of trend lower, at a 0.382 or 0.5 retrace of this entire trend, this will confirm this pattern as entirely corrective.
The grey area in in between these two 0.382 retraces as they are entirely similar, so how will we be able to tell that its corrective and not an impulsive 4th wave? The rule of alternation. If we have a zigzag correction here before heading up to our next upper targets, this will also be a confirmation of a corrective wave structure. And soon enough, we will find ourselves with new lows.
If we Correct no lower than a 0.382 of "3rd" wave, and particularly hang around the 0.236 before moving higher, then IMO this is without a doubt an impulse and we have likely seen the bottom.
IF we break lower and find our continuation of trend lower, at a 0.382 or 0.5 retrace of this entire trend, this will confirm this pattern as entirely corrective.
The grey area in in between these two 0.382 retraces as they are entirely similar, so how will we be able to tell that its corrective and not an impulsive 4th wave? The rule of alternation. If we have a zigzag correction here before heading up to our next upper targets, this will also be a confirmation of a corrective wave structure. And soon enough, we will find ourselves with new lows.
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charts.cointrader.pro/snapshot/9Wksm