If my wave counts are correct, this is how I forecast it will play out.
Yellow line = Currently at Wave 2 based on weekly chart. Hence, it'll just be an ABC correction on the Daily chart.
12345 = Classic 5 impulse wave count on the Daily i.e Wave 1 on the Weekly
I put a lower C placement just because there's a stronger Demand Zone. However, it might turn out to be a flat retracement i.e. C being the same level as A. Given the volatility with Bitcoin, it just might spike down to Demand Zone and rebound up quickly!
After that, we should see new ATH!!!
And that's just Wave 3 on the Weekly...who knows if there'll be extension waves carrying it to higher fib. numbers!
Nonetheless, it's never a straight line. Best to buy and HODL! :)
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
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Looks like the ABC retracement pattern is playing out.
Let's see if this next wave up will confirm if it is indeed a strong up wave 1
is your yellow 1 not more like the 3 and we are currently in the 3 to 4 pullback?
leslieyimsm
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@christian_pilz, Yellow line is based on the Weekly chart. If it's a 3, then we will need to see 1 & 2. I don't see that. Perhaps you can point out to me what you're seeing?