so originally analsed btc in the 4hr and daily charts, seems i was on the right track. pull up the weekly and we have an impulse 5 wave structure from the top. First move down, 2nd move down touches 1.618 and gives us a 2 wave 4th wave oullback. te idea of a simple abc or wxy no longer makes sense which also means that iriginal trendline WILL be broken through to break rhe low of the 3rd wave and give us the final 5th wave. problem is that the next trendline support sits at 4k?? this weekly charts looks to be sitting on the line everyone is expexting to bounce from. doesnt look like its going to bounce. one way or another the cycle needs to complete and get down to that next trendline. ps.. the labelling is from lower tf.
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Originally we had cunted a 5 wave cunt down wave structure however its been incorrectly assumed. Our wave 4 entered wave 1 territory and is invalid. W do now have a more cmplex wxy structure on the daily TF and the current 4 hr TF
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watch the 12 area to be retested before the big drop. Its yet to be tested and we wont go down till we do. As per previous consolidation structures it generally drops heavily in June so we still have 2-3 weeks left to reach this level.
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updated daily chart, we now have a completed red bear bar to give us some pullback and allow another move up. RSI on daily is way oversold as well.