I have never been convinced that bitcoin can manage a major rally past $1200 before taking out its previous low of $145 (here labelled as wave [A]). Two rallies that bitcoin has attempted since hitting the major low of $145 have ended up being fakes (and crushing several traders at the same time). The recent rally to $1130 appears to have completed wave [B] which is composed of a zigzag (A)(B)(C). Wave II (composed of [A] & [B] and a developing [C] now appears to be a flat correction.
My expectation for now is for bitcoin to fall to about $131 level before the start of a wave I I I advance. If that happens thenn wave [C] will equal the length of wave [A] ( as expected of the relationship between waves A and C of Flats).
complete nonsense; unbiased .. no fundamentals .. not taking global distribution into account
I agree that the Bitcoin price level is very volatile; but not that much
CeeCuc
⋅
131 impossible my opinion
Numero_Uno1
⋅
@CeeCuc, Yeah im not a serious crypto watcher but I dont see this. Unless and very strong guess work here but unless, sellers drop it looking for a better swing on the next trend.
Kappy
⋅
How are you counting wave (A) of [A]? I struggle to draw a satisfactory count that is corrective or impulsive. Considering it is challenging to count I would error of the side that it is corrective and stepping back to a monthly time frame like you have seems to make it a mute point. I've been eyeing a wave II flat correction but am caught up on the internal wave structure. Does your alt count suggest we are still in wave [B] or that wave II ended at the $145 low and then we're looking at a bullish count?
Kappy
⋅
Not sure what happened but mentions of waves with brackets do not appear in the comments.
1) How are you counting wave (A) of '[A]'?
2) Does your alt count suggest we are still in wave '[B]' or that wave II ended at the $145 low and then we're looking at a bullish count?
Kappy
⋅
I'll try one more time with (( )) referencing bracket [ ] or circle waves.
1) How are you counting wave (A) of ((A))?
2) Does your alt count suggest we are still in wave ((B)) or that wave II ended at the $145 low and then we're looking at a bullish count?
I agree that the Bitcoin price level is very volatile; but not that much