Bitcoin's price is on the rise, and it looks like it might reach somewhere between $48,000 to $50,000 soon. People are excited, but smart traders are watching closely. They know that when a new Bitcoin ETF starts, it might cause a big change. The saying 'buy the rumor, sell the news' means that people often buy before a big announcement and sell right after, taking their profits.
We're also seeing signs that the price might not keep climbing forever. The RSI, which is like a speedometer for price momentum, is showing that the price is going up but the energy behind it is slowing down. This usually means we might see the price start to drop a bit soon, which we call the fourth wave.
But there's a bigger event coming – the Bitcoin halving, when the reward for mining new Bitcoin gets cut in half. This usually leads to an even bigger price change. After this drop or 'correction', we expect the price might start going up again in what we call the fifth wave.
Your red waves (iii) and (iv) do not match in wave degree with (I) and (ii). They are much too small and are hardly noticeable in this chart if it weren’t for the presence of the labels. I suggest that the third wave is still in progress and that they will develop somewhat in the future. As printed, the length of the third wave is really also too small to be a valid third wave of an impulse. Al indications are that the third wave will run at least to the all time high, but likely beyond that, to the 1.616 Fibonacci multiplier of wave (I).
unbeldi
⋅
I think you were lead into that dilemma by misassignment of waves I and Ii.
unbeldi
⋅
Just take out I and Ii and let (i) run from the bottom.
neoishere
⋅
@unbeldi, Thank you for your feedback. My Wave red (iii) and (iv) represent an extended version of green Wave 3. This means that the red 3 and 4 are part of the extended Wave 3. I understand that this may be a bit difficult to discern on the chart.
The wave count is primarily based on the daily timeframe. To provide a broader perspective of my count, I used a 4-day timeframe, which is why Wave 4 might appear somewhat confusing at first glance. However, if you break it down into a daily chart, it will become more noticeable.