...must inevitably go down.
Bitcoin has had an explosive run up from its extended consolidation below 3000. The Impulse from 1850 to 4400 bears similar structure to the previous "A" subwave 370-1140.
the 4h RSI is now below 50, and the upward channel is broken. I consider this the start of a corrective period which should conclude at the previous breakout 2960.
Judging from previous structure, we are now in an abc wave which bottoms at 3200. Following that BTC should enter a pennant which likely breaks in the direction of the trend to 2960.
there is, however, a 25% chance that it breaks upward.
This should play out in 2-3 days, so a swing short position could be in order.
Following this correction, i expect BTC to start the "B" subwave which has a target of 5300.
This Idea builds on my earlier "Bitcoin - past, present and future", which should further explain this structure.
Thanks for watching, Happy trading!
Bitcoin has had an explosive run up from its extended consolidation below 3000. The Impulse from 1850 to 4400 bears similar structure to the previous "A" subwave 370-1140.
the 4h RSI is now below 50, and the upward channel is broken. I consider this the start of a corrective period which should conclude at the previous breakout 2960.
Judging from previous structure, we are now in an abc wave which bottoms at 3200. Following that BTC should enter a pennant which likely breaks in the direction of the trend to 2960.
there is, however, a 25% chance that it breaks upward.
This should play out in 2-3 days, so a swing short position could be in order.
Following this correction, i expect BTC to start the "B" subwave which has a target of 5300.
This Idea builds on my earlier "Bitcoin - past, present and future", which should further explain this structure.
Thanks for watching, Happy trading!