As illustrated on the weekly chart of
WULF, the entire advance since March 2023 appears to have unfolded as a Leading Diagonal, forming a bullish pattern over nearly two years.
This structure likely represents wave 1(circled) at the Primary degree, marking the initial sequence within a broader Cycle degree uptrend.
The Leading Diagonal wave 2(circled) has been undergoing a correction through wave 2(circled) of the same degree since November.
Within this corrective phase, the second subdivision—a countertrend rally labeled wave (B)—has extended beyond the 0.618 Fibonacci retracement level as anticipated and now appears to be a completed corrective structure.
Consequently, a decline of up to 70% is anticipated in the Intermediate degree wave (C), continuing the overall correction in a (A)-(B)-(C) Zigzag formation. It potentially extends through the remainder of the year.
Trend Analysis >> Under this weekly alternative, the medium-term trend is expected to turn lower very soon. However, the Leading Diagonal, identified as the first wave at the Primary degree, aligns with a broader long-term bullish structure, reinforcing the strength of the prevailing Cycle degree uptrend.
WULF
BTC
BTCUSD $MARKETSCOM:BITCOIN
#CryptoStocks #WULF #BTCMining #Bitcoin #BTC
This structure likely represents wave 1(circled) at the Primary degree, marking the initial sequence within a broader Cycle degree uptrend.
The Leading Diagonal wave 2(circled) has been undergoing a correction through wave 2(circled) of the same degree since November.
Within this corrective phase, the second subdivision—a countertrend rally labeled wave (B)—has extended beyond the 0.618 Fibonacci retracement level as anticipated and now appears to be a completed corrective structure.
Consequently, a decline of up to 70% is anticipated in the Intermediate degree wave (C), continuing the overall correction in a (A)-(B)-(C) Zigzag formation. It potentially extends through the remainder of the year.
Trend Analysis >> Under this weekly alternative, the medium-term trend is expected to turn lower very soon. However, the Leading Diagonal, identified as the first wave at the Primary degree, aligns with a broader long-term bullish structure, reinforcing the strength of the prevailing Cycle degree uptrend.
#CryptoStocks #WULF #BTCMining #Bitcoin #BTC
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.