With recent failure at $29318, Bitcoin has undergone major invalidation to its macro wave pattern. Seemingly invalidating its impulsive form, I believe the King of Crypto is due to form a big wedge/diagonal/wyckoff pattern over the next number of years. Considering the ultra aggressive drop cycle we've all witnessed, I believe Bitcoin to also be in yet another more micro version of a diagonal move was well.
With 3 big waves stretching down from $68K > $28K, we could see a sizeable return to the range of $50-$55K as a Wave 2 correction.
Denial at this level would prove as confirmation (imo) to the yearslong downside cycle.
I guess its time to see how Alt Season really operates.
Also interested to see how this affects Bitcoin's dominance on the market.
With 3 big waves stretching down from $68K > $28K, we could see a sizeable return to the range of $50-$55K as a Wave 2 correction.
Denial at this level would prove as confirmation (imo) to the yearslong downside cycle.
I guess its time to see how Alt Season really operates.
Also interested to see how this affects Bitcoin's dominance on the market.
Trade active
last leg down in Wave 1 pending --Note
Bitcoin has more pump and a dump towards $23K in store before this macro pattern kicks into gear.
Note
Order cancelled
portions of this macro perspective are incorrect based on reassessment. will regenerate long term ideas.
see DSTC for more timely updates.
Note
multi year bear not ready.
Decode the wave, anticipate the move via ElliottWaveScience.com
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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.
Decode the wave, anticipate the move via ElliottWaveScience.com
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.