BTCUSD - has approached resistance where wave ( iii ) up may top
The ultimate goal for this rally in subwave A of wave 5 up is to reach the previous high made by wave 3 up.
That subwave A of wave 5 up has to have a clean impulsive count and should subdivide into five micro waves.
At this point we are watching final stages of wave ( iii ) up.
A corrective wave ( iv ) down may push price back down to 44,150 - 42,300.
We can expect bears to test the lower edge of the upward sloped price channel that has been containing price swings inside wave ( iii ) up for four weeks.
As always, its barely possible to pinpoint the exact turning point of subwave (c) of wave ( iii ) up. When traders try to time a reversal in wave ( iii ) and start of a corrective wave ( iv ) down they normally end up by shorting too early.
That rally has already made a new higher high in a move up that started in July 2021.
Note that Bitcoin has approached a strong confluence of:
- 100% ext of subwave ( a ) of wave ( iii ) up = 49, 655, and
- the upped edge of the price pitchfork projected from the low of wave ( ii ) down,
- the upper edge of the micro pitchfork projected from the low of subwave ( b ) down of wave ( iii ) up.
Our normal expectation for subwave ( c ) of wave ( iii ) up to extend at least to 100% ext of subwave ( a ) of wave ( iii ) up.
More often than not subwave ( c ) of wave ( iii ) up goes to 123.6% ext of subwave ( a ) of wave ( iii ) up.
If Bitcoin tops at 100% ext of subwave ( a ) of wave ( iii ) up = 49,655 we can expect a corrective subwave ( b ) up of wave ( iv ) down to make a higher high, a phenomenon that happens with Expanding Flat or Running Flat corrective structures.
That subwave A of wave 5 up has to have a clean impulsive count and should subdivide into five micro waves.
At this point we are watching final stages of wave ( iii ) up.
A corrective wave ( iv ) down may push price back down to 44,150 - 42,300.
We can expect bears to test the lower edge of the upward sloped price channel that has been containing price swings inside wave ( iii ) up for four weeks.
As always, its barely possible to pinpoint the exact turning point of subwave (c) of wave ( iii ) up. When traders try to time a reversal in wave ( iii ) and start of a corrective wave ( iv ) down they normally end up by shorting too early.
That rally has already made a new higher high in a move up that started in July 2021.
Note that Bitcoin has approached a strong confluence of:
- 100% ext of subwave ( a ) of wave ( iii ) up = 49, 655, and
- the upped edge of the price pitchfork projected from the low of wave ( ii ) down,
- the upper edge of the micro pitchfork projected from the low of subwave ( b ) down of wave ( iii ) up.
Our normal expectation for subwave ( c ) of wave ( iii ) up to extend at least to 100% ext of subwave ( a ) of wave ( iii ) up.
More often than not subwave ( c ) of wave ( iii ) up goes to 123.6% ext of subwave ( a ) of wave ( iii ) up.
If Bitcoin tops at 100% ext of subwave ( a ) of wave ( iii ) up = 49,655 we can expect a corrective subwave ( b ) up of wave ( iv ) down to make a higher high, a phenomenon that happens with Expanding Flat or Running Flat corrective structures.