Bitcoin still gonna take a down move

23 Okt 2022

From my point of view, I still look at this market phase as a bear market (at least 1 more significant new low). As I use the fib-extension tool to find the possible price for the fifth wave (label in green and measure by placing the tool from the start of wave 1 to the end of wave 3 then place it at the end of the fourth wave), I found out that there is a possibility that the price will overlap with the price of the higher degree wave 1 (label in dark blue color) which will make the entire wave structure become invalid (become ending diagonal instead of impulse wave). ***Caution*** this is just my assumption, do not do your trade based on my strategy.