On the higher timeframe, Bitcoin is on the 4th wave, which is an ABC corrective wave. We've seen Waves A and B and now currently on Wave C which is a 5-3-5 zigzag.
5-3-5 ZIGZAG:
W has 5 waves (follows impulsive schematic)
X has 3 waves (follows corrective schematic)
Y has 5 waves (follows impulsive schematic)
For Wave W, the 5th wave had 5 subwaves and it appears we are getting an IDENTICAL move this time round. We are currently on the 4th subwave bullish retracement and anticipating a 5th subwave bearish move.
We are expecting price to stay above 13.6K as that's where our wave 4 invalidation level is. See higher timeframe analysis below:
What do you guys think?
Goodluck and as always, trade safe!
5-3-5 ZIGZAG:
W has 5 waves (follows impulsive schematic)
X has 3 waves (follows corrective schematic)
Y has 5 waves (follows impulsive schematic)
For Wave W, the 5th wave had 5 subwaves and it appears we are getting an IDENTICAL move this time round. We are currently on the 4th subwave bullish retracement and anticipating a 5th subwave bearish move.
We are expecting price to stay above 13.6K as that's where our wave 4 invalidation level is. See higher timeframe analysis below:
What do you guys think?
Goodluck and as always, trade safe!
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