Currently looks like btc has finished a downtrend with a truncated corrective wave, into a wave 1, then a (bullish) abcde wave 2 correction. What would follow is a wave 3 and 5. I do believe we go lower after this which is why I'm calling it a 5 wave X wave and not the bullish minor waves of a larger wave 1. It may take some weeks (month or 2?) to finish the X wave before lower lows. We must remember that BTC managed to acquire the lowest weekly RSI readings since inception. BTC will hopefully move up to "cool off" the RSI before going lower.
This specific count is invalidated if the rising channel fails and the E goes under the C. Even if that fails it could still be some sort of WXYXZ which would still be a valid 2 but this is less likely. All invalidated below the wave 1 bottom of course.
As ever - ignore timeframes. I do not do time analysis. The length of these lines are purely conjecture.
This specific count is invalidated if the rising channel fails and the E goes under the C. Even if that fails it could still be some sort of WXYXZ which would still be a valid 2 but this is less likely. All invalidated below the wave 1 bottom of course.
As ever - ignore timeframes. I do not do time analysis. The length of these lines are purely conjecture.
Note
There is of course subjectivity with trend lines so it could look something like this instead (I'll leave the channel/trendline trading to others!):
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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.