BTCUSDT macro View based on EW Jan 19th 2022
Based on EW, BTCUSDT is still in a correction phase for wave4.
Wave1 was the move from 3150-14000
Wave2 was the from 14000-4000
Wave3 was the move from 4000-65000
Wave4 is currently being structured as a potential running flat or an expanded flat (watch the video to understand the difference)
If we assume wave4 could be an expanded flat, then it will have to retest 30-26k
If we assume wave4 will be a running flat, then the current move will finish above 30k
Based on EW, one cant exactly tell which one will be printed, but will monitor it based on the indicators (moving avg , macd , rsi ...)
Since the directional move is up on the macro scale and bulls are still hunting for the wave5, an estimate target based on fibs extension will be 110-130k depending on how the wave4 will be completed ( running or expanded)
Based on EW, BTCUSDT is still in a correction phase for wave4.
Wave1 was the move from 3150-14000
Wave2 was the from 14000-4000
Wave3 was the move from 4000-65000
Wave4 is currently being structured as a potential running flat or an expanded flat (watch the video to understand the difference)
If we assume wave4 could be an expanded flat, then it will have to retest 30-26k
If we assume wave4 will be a running flat, then the current move will finish above 30k
Based on EW, one cant exactly tell which one will be printed, but will monitor it based on the indicators (moving avg , macd , rsi ...)
Since the directional move is up on the macro scale and bulls are still hunting for the wave5, an estimate target based on fibs extension will be 110-130k depending on how the wave4 will be completed ( running or expanded)
