Nathanael

Inside a bitcoin wedge formation

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Long term I see us in a wedge (https://www.tradingview.com/x/x5eogjtZ/) and this looks like it could be an A wave in that wedge .

Bulls have had a great run, and a great rebound. But judging by the wave properties of this move up, I believe its just an ABC zig zag , and we are at the short term top, or at least close to it. Wave B commonly retraces 38%, but the previous "big brother" wave retraced and coiled up around the 61% mark before blasting up.

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What you call (a) and (b), I've been calling 1 and 2. Is that wrong?
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it *could* be, but to me it looks more like an A wave.
Reason being, it does not look like a impulsive wave, but more like a corrective wave. Wave 1 cannot be "corrective" (unless it is a rising wedge, which this could be, but again, it just does not *look* like one)
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