Yesterday I posted where I believe Bitcoin is in it's Super structure. Looking at the 4 hr chart you can see it would appear we are setup to complete the C wave of wave 4 to the larger degree. I have hesitated to say btc would go down from this point considering in the past we have seen 60-90 days between completion of the A wave and completion of the C wave in wave 4, we currently stand just over 30 days from completion of the A wave (this may be a good thing if you consider the fractal nature of this chart it may indicate that the 5 wave up could complete by the end of the year).
That being said you can see how the C wave in the A wave reacted to the 1:1 and the 1:618 retracement. That could give us a hint how the C wave would react. On top of this if you zoom into the 15 min chart and place an extension on what I believe to be the wave 1 of the 3rd wave down (9880 - 8780) you can see the 2:618 ext is sitting right on top of the 1:1 ext at $6,500 which offers some confluence. I believe the dump into wave 3 of 3 will take place this morning as we break down from the bear flag we have formed in wave 2. As for wave 5 down I'm a little skeptical that we would stop at the 1:618 and I am going to be overly cautious about a buy in at that level because of the rate of speed at which we could reach it. I would not be at all surprised to see it push toward the 2:618. If I can get BTC at that level you can bet I'll be backing the truck up to load up as we head into wave 5.
Thanks for taking a look, these are just the ideas I'm basing my trading on. I'm still a new trader not an advisor so I'm always looking for feedback.
That being said you can see how the C wave in the A wave reacted to the 1:1 and the 1:618 retracement. That could give us a hint how the C wave would react. On top of this if you zoom into the 15 min chart and place an extension on what I believe to be the wave 1 of the 3rd wave down (9880 - 8780) you can see the 2:618 ext is sitting right on top of the 1:1 ext at $6,500 which offers some confluence. I believe the dump into wave 3 of 3 will take place this morning as we break down from the bear flag we have formed in wave 2. As for wave 5 down I'm a little skeptical that we would stop at the 1:618 and I am going to be overly cautious about a buy in at that level because of the rate of speed at which we could reach it. I would not be at all surprised to see it push toward the 2:618. If I can get BTC at that level you can bet I'll be backing the truck up to load up as we head into wave 5.
Thanks for taking a look, these are just the ideas I'm basing my trading on. I'm still a new trader not an advisor so I'm always looking for feedback.