This is one of my more speculative charts, market conditions can change and wave structure is based on likely supports and resistances.
1. Bull Pennant - The current price action is making a bullish pennant with bullish divergence on the RSI, the target for this taken from the flagpole is the 10k area. (Wave 3 target, wave 4 being placed at a support test)
2. Cup And Handle (Green) - Current price action also seems to be a cup and handle with a pennant as the handle, the price target for this cup and handle is the 11.5k area. (Wave 5 target)
3. Cup And Handle (Blue), ABC Correction - Once the Green cup and handle target is reached, this would make 5 waves up, with wave 5 being at significant historical resistance, I believe this should spark an ABC correction, which can make a handle to an even bigger cup and handle.
1. Bull Pennant - The current price action is making a bullish pennant with bullish divergence on the RSI, the target for this taken from the flagpole is the 10k area. (Wave 3 target, wave 4 being placed at a support test)
2. Cup And Handle (Green) - Current price action also seems to be a cup and handle with a pennant as the handle, the price target for this cup and handle is the 11.5k area. (Wave 5 target)
3. Cup And Handle (Blue), ABC Correction - Once the Green cup and handle target is reached, this would make 5 waves up, with wave 5 being at significant historical resistance, I believe this should spark an ABC correction, which can make a handle to an even bigger cup and handle.
Note
It seems BTC is making a different cup and handle after that pennant break, target is the 12k area.Note
The original structure speculation was somewhat truncated by a short fifth wave, the break target for this is the resistance at around 11.6k
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.