BTCUSD - Impulse or ascending corrective channel. Uptrend
Hello traders and investors,
In today analysis we focus on the last couple of waves in BTC. Regardless if we are observing impulse of ascending correction, as far as I am concerned the trend is up.
As far as this chart is labelled, as much as I would like to see the uptrend resumed after the July low, at the moment I am not too sure that we can say so.
The vertical line on the chart 0.382 and 1 define the Fibonacci Time spent in "wave 4" compared to "wave 2", so if wave 4 completed in July, it means that it spent 38.2% of the time to complete wave 2. Is this possible? I doubt it, but this market is pushing for a new all-time high every day.
Let's keep our fingers crossed that we are not in a gigantic running triangle(hence Wave B above the prev. all-time high).
I link the long term analysis with the wave count on weekly/monthly.
As usual, I can be wrong, but I don't really care because I keep them as long term investments.
Hope you all make money 😊
In today analysis we focus on the last couple of waves in BTC. Regardless if we are observing impulse of ascending correction, as far as I am concerned the trend is up.
As far as this chart is labelled, as much as I would like to see the uptrend resumed after the July low, at the moment I am not too sure that we can say so.
The vertical line on the chart 0.382 and 1 define the Fibonacci Time spent in "wave 4" compared to "wave 2", so if wave 4 completed in July, it means that it spent 38.2% of the time to complete wave 2. Is this possible? I doubt it, but this market is pushing for a new all-time high every day.
Let's keep our fingers crossed that we are not in a gigantic running triangle(hence Wave B above the prev. all-time high).
I link the long term analysis with the wave count on weekly/monthly.
As usual, I can be wrong, but I don't really care because I keep them as long term investments.
Hope you all make money 😊
Order cancelled:
General idea is still valid but the wave labelling needs to be amended
Comment:
It looks like it wasn't so wrong the initial idea
