Bitcoin has been in a corrective pattern from the low of 17,500 on June 18th and is beginning to exhibit signs that it could either be a reverse expanding triangle or a WXYXZ pattern.
Case for the triangle:
1H
30mn
15mn
Case for WXYXZ:
Alternate WXYXZ
Finally, as a bullish alternative this could also be a leading diagonal in a wave 1 since the rules for leading diagonals are that each wave 1-5 subdivides as a zig-zag although this feels less likely due to the way the pattern starts contracted and then expands as the correction continues.
Case for the triangle:
- Each side subdivides into a zig-zag
- C is 123.6 of A
- A and C made higher highs while B and soon D will be making higher lows
1H
30mn
15mn
Case for WXYXZ:
- X is between 61.8% and 76.4% of W
- Y is less than 123.6% of W
- X is on target to be around 61.8% of W
Alternate WXYXZ
Finally, as a bullish alternative this could also be a leading diagonal in a wave 1 since the rules for leading diagonals are that each wave 1-5 subdivides as a zig-zag although this feels less likely due to the way the pattern starts contracted and then expands as the correction continues.
Nota
Adding some context to support my reasoning for the extension in minor 3 in (C).- Alternation between sharp and sideways corrections on both the minor and minute counts.
- MACD Divergence between ((iii)) and ((v))
- High volume spikes on both ((iii)) and 3
- Creating a trend channel between 1 and 3 through the extreme of 2 shows that we are outside the trend channel thus in a wave 4.
Nota
Looking more like an ((abc)) with a flat in ((b)) rather than a triangle or ((wxyxz)) at the moment. I was incorrect about the flat in ((x)) idea and it seems we got five waves up in ((c)) instead.It appears we are now in a three-of-three extension in ((1)).
Nota
Updated count based on the pump that invalidated the prior comment about the third wave extension in (iii).Nota
Wave 4 in?Reviewing the count, I have changed it from the triangle idea to a WXY with a zig-zag in W, double three in X and double three in Y where Y is 1.618 of W.
With the New Moon which has historically marked tops in BTC can we safely assume that we're done with this corrective rally?
Nota
SPX appears to have completed a minutte ABC correction in minute X of minor 4.BTC follows SPX so if SPX continues to move impulsively to the upside it could become a wave 3 which would cause BTC to correct higher.
Main bullish count micro 4 of subminutte iii of minutte iii
Considering the WXYXZ my alternate count for now.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.