Bitcoins finished with a high of $19,187.78 and has been in a downtrend ever since then. The current correction is a W-X-Y structure with price action currently in a descending wedge for the wave Y. It appears that there is one more leg downwards i.e. w5 before any bull move can be sustained.
POI = Point of invalidation. Even though it is a wedge and w4 is allowed to overlap w1, I do not want to see that happening to make this analysis valid.
Wave Y = ~238.2% Wave W is acceptable for a WXY structure. This gives a target area of ~$4808.46. The other likely targets of Bitcoins are also marked on the chart (very close to the $5,000 area). Arrow shown on the chart is not a projection. I used it to show the possible trajectory for the price of Bitcoin.
Waves awaiting completion are also marked on the chart
P.s. I will make sure not to use square brackets again as I have noticed that Tradingview won't accept them and they just don't show up when I use it to label the waves
POI = Point of invalidation. Even though it is a wedge and w4 is allowed to overlap w1, I do not want to see that happening to make this analysis valid.
Wave Y = ~238.2% Wave W is acceptable for a WXY structure. This gives a target area of ~$4808.46. The other likely targets of Bitcoins are also marked on the chart (very close to the $5,000 area). Arrow shown on the chart is not a projection. I used it to show the possible trajectory for the price of Bitcoin.
Waves awaiting completion are also marked on the chart
P.s. I will make sure not to use square brackets again as I have noticed that Tradingview won't accept them and they just don't show up when I use it to label the waves
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.
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.