Nothing has really changed since my last H4 BTC idea (link below) other than price has push up a little higher in wave Z. I'm still expecting the Larger correction after wave Z is over completing D1 wave A.
Theres a number of corrective structures we could see in the D1 wave B. No one knows in advanced what the corrective structure will end up to become so I have just forecast for the simple ABC ZigZag , the most common EW structure.
M15 We have bearish divergence, impulse down and a bear flag forming which may be the start of the D1 wave B.
I'll update the idea as more data becomes available.
Good luck and trade safe!
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I would like to know the average price of BTC over the last two years. I would then expect an elongated period of time were BTC stays over this mark, followed by a correction. Maybe BTC will be an up and down asset for our lives but I expect the asset to fall in the long term before it begins a truly epic growth pattern that exceeds the original 20k. I think most agree we hit bottom awhile back but I would expect one more visit to that neighborhood.
Boon2
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@jlewis4833, Yes I agree, I think we will be in consolidation for quite some time to come. In my opinion we need the MN MACD to cross down for the correction before the top gets broken and that could take years to form depending on how complex the structure becomes.
ridethepig
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Thanks @Boon2 ...tracking the same pullback here with eyes on 9500.
Boon2
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@ridethepig, Cool, D1 wave A looks like it's running out of steam with the bear divergence, will be interesting to see what sort of correction it gives. Thanks for sharing.
I am following in 2 ways about market. Checkout this:
Boon2
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@DigiWhale, Hmmmmm reading your description on the chart it's just wrong on so many levels, for starters on D1 we have a higher high so there is no bearish divergence. Your TL holds no value as its invalid. As for support and resistance it's pretty much useless because price doesn't care about someones line on a chart but thanks for sharing a chart where your both bullish and bearish, it talks volumes about your analysis!