So it was a long squeeze after all, and one that was coming.
The initial thoughts were that we're on a Wave 5 up and counting:
But we're brought back down to earth as
BTC breaks below $115k, invalidating a Wave 5 count.
So, it's official: we're still on a Wave 4 correction, which can go as low as 0.618 fib towards $112k.
Now painting a likely scenario given that Wave 2 correction only moved 0.236 fib ~ 0.328 fib (Wave 2 & Wave 4 often contrast):
This could play out till end July or even all the way into early August, which if comes to fruition, could signal for a bullish August.
And August has historically almost always been a bearish month (8 red historical months out of 12).
Pinch me.
The initial thoughts were that we're on a Wave 5 up and counting:
But we're brought back down to earth as
BTC breaks below $115k, invalidating a Wave 5 count.So, it's official: we're still on a Wave 4 correction, which can go as low as 0.618 fib towards $112k.
Now painting a likely scenario given that Wave 2 correction only moved 0.236 fib ~ 0.328 fib (Wave 2 & Wave 4 often contrast):
This could play out till end July or even all the way into early August, which if comes to fruition, could signal for a bullish August.
And August has historically almost always been a bearish month (8 red historical months out of 12).
Pinch me.
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Related publications
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.