BTC has formed into a near-perfect zigzag with a near-perfect terminal wave-C.
Highest Degree (Zigzag pattern):
Wave-C (Terminal pattern):
Sentiment indicators are also reading near all time lows, as low as it was during the covid lows and FTX lows.
Given this setup as an isolated pattern, and with the high probability Bitcoin is towards the middle of a long-term pattern, this is a strong setup for a move towards ATH.
To confirm it, we should see wave-C being full retraced in less than half the time it took to form.
Highest Degree (Zigzag pattern):
- Wave-C = A+B in time
- Wave-C is the most complex and time consuming part of the pattern (common for terminal impulses)
- There's clear alternation in time/price for all waves
- Wave-B retraced <0.618% of wave-A (required for zigzags)
- Channeling confirms end of all waves clearly
Wave-C (Terminal pattern):
- Wave-3 = 1.382 * Wave-1 in price (common in 5th wave extensions)
- Wave-3 = (Wave-1+Wave-2)0.5 in time
- Wave-4 = ~1.618 * Wave-2
- Wave-4 = ~(Wave-2+Wave-3) in time,
- Wave-4 alternates with wave-2 in price/time
- Wave-5 = 1.618(Wave-3) in price
- Wave-5 = (Wave-3+Wave-4) in time
- Channels as an expanding wedge, expected for 5th-wave extensions
Sentiment indicators are also reading near all time lows, as low as it was during the covid lows and FTX lows.
Given this setup as an isolated pattern, and with the high probability Bitcoin is towards the middle of a long-term pattern, this is a strong setup for a move towards ATH.
To confirm it, we should see wave-C being full retraced in less than half the time it took to form.
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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.
Find me on x.com/intuit_trading
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.
