We have a lot going on here, but my analysis & bias remains bullish , after 5 waves down are now complete I would think ABC bearish correction up to the 618 fib retracement level around $58k is likely. From there I can see if BTC rejects and continues a downward trajectory in another 5 down impulse move. Or is there larger ABC bullish correction at play here.
The 5 down on the daily could be Wave A & if we get 3 waves up the 618 % fib retracement that would be wave B and then I'd expect 5 down impulsive to finish wave C in a common zig zag correction which are 5,3,5 patterns & take quick impulsive moves to end the correction.
If we put in 5 up here and break above 618 fib lvl then I'd say ABC correction is actually complete making Wave C the recent crash to $42k.
I keep my bias that we get $100k plus BTC into 2022.
The 5 down on the daily could be Wave A & if we get 3 waves up the 618 % fib retracement that would be wave B and then I'd expect 5 down impulsive to finish wave C in a common zig zag correction which are 5,3,5 patterns & take quick impulsive moves to end the correction.
If we put in 5 up here and break above 618 fib lvl then I'd say ABC correction is actually complete making Wave C the recent crash to $42k.
I keep my bias that we get $100k plus BTC into 2022.
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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.