Bitcoin has 2 Scenarios, lets discuss the Bullish one
Basically if Bitcoin crossed the 0.5 Retracement Level there will be a possibility that Bitcoin will continue to the 3rd wave (1.168 Extension) or maybe there will be some consolidation first in that level before Bitcoin continue its Bull run, there's some probability that the third wave will reverse at 1.236 Extension Level. and does the correction to the 4th wave (0.382), maybe theres some reversal too at 0.236 retracement level and continue its downtrend until it reached 0.382 level, then Bitcoin does a reversal into an uptrend (goes into the 5th wave), as you can see at this level or at the wave 5 when you look back to the 1 Dec 21, 28 Oct 21, and 12 Oct 21 they made an S&R there, maybe this is the place where Bitcoin will begin its ABC Correction wave.
Now, The Bearish scenario one
If Bitcoin already reached the 0.754 Retracement level and does a reversal it maybe indicates that this level is the 2nd wave. as you know wave three is usually the largest and most powerful wave in a trend, if the news is now negative and fundamental analysts start to reduce earnings estimates. So, there is a high probability that the 3rd wave will be the 1.168 Extension level of wave 1-2, as you can see the 1.618 level is directly above the 0.886 level or the $33504 Support level. on to the 4th wave we go, well 4th wave will make a resistance from our current support level and it maybe indicates that the downtrend will still be continue until the 5th wave (1.168 Level of Wave 3-4).
That's all lads.... :) i'm hoping some advice from you guys :) enjoy your day :)
Basically if Bitcoin crossed the 0.5 Retracement Level there will be a possibility that Bitcoin will continue to the 3rd wave (1.168 Extension) or maybe there will be some consolidation first in that level before Bitcoin continue its Bull run, there's some probability that the third wave will reverse at 1.236 Extension Level. and does the correction to the 4th wave (0.382), maybe theres some reversal too at 0.236 retracement level and continue its downtrend until it reached 0.382 level, then Bitcoin does a reversal into an uptrend (goes into the 5th wave), as you can see at this level or at the wave 5 when you look back to the 1 Dec 21, 28 Oct 21, and 12 Oct 21 they made an S&R there, maybe this is the place where Bitcoin will begin its ABC Correction wave.
Now, The Bearish scenario one
If Bitcoin already reached the 0.754 Retracement level and does a reversal it maybe indicates that this level is the 2nd wave. as you know wave three is usually the largest and most powerful wave in a trend, if the news is now negative and fundamental analysts start to reduce earnings estimates. So, there is a high probability that the 3rd wave will be the 1.168 Extension level of wave 1-2, as you can see the 1.618 level is directly above the 0.886 level or the $33504 Support level. on to the 4th wave we go, well 4th wave will make a resistance from our current support level and it maybe indicates that the downtrend will still be continue until the 5th wave (1.168 Level of Wave 3-4).
That's all lads.... :) i'm hoping some advice from you guys :) enjoy your day :)
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UPDATE!
when you look at TF 1H u will find that Bitcoin still or maybe already made its 4th wave, and maybe now Bitcoin still underway to make its 5th wave maybe around at $38435
when you look at TF 1H u will find that Bitcoin still or maybe already made its 4th wave, and maybe now Bitcoin still underway to make its 5th wave maybe around at $38435