Hello everyone!
This is my EW count on current BTC situation.
I believe that we are currently at 4th wave of 12345 impulsive waves up.
As you can see from the chart, BTC formed a perfect 3-3-5 zig zag correction(following all of the EW rules). "Double bottom" at 9100 levels were wave 1 and 2 (IMO), second bottom was actually little bit higher so it CAN be concidered as wave 2. Also, looking at the past, BTC had a lot of "wiered" wave 1-2 formations so till no proven otherwise this could be correct.
FIBS:
-Wave C of ABC(3-3-5) is exact 1:1 of wave A
-Wave 3 of 12345 is exact 1.618 (very common level) of wave 1
INDICATORS
-RSI and MACD still didn't form bearish div so according to this we can expect anoter "leg/wave" up
So, what's next?
-as I mentioned before, I believe we are currently in wave 4. As long as the price stays above 10700 levels this count is correct and we could see bounce up for final wave. Breaking 10700 would mean that this count is wrong because 10700 levels is wave 2 top and wave 4 can not bypass wave 2. Targets for wave 5 are up from previus high at 12400 area, 14100$ is 1:1 of wave 3 but I do not belive this is possible, my guess is that we could go up to 0.618 at around 13k.
feel free to comment your views!
This is my EW count on current BTC situation.
I believe that we are currently at 4th wave of 12345 impulsive waves up.
As you can see from the chart, BTC formed a perfect 3-3-5 zig zag correction(following all of the EW rules). "Double bottom" at 9100 levels were wave 1 and 2 (IMO), second bottom was actually little bit higher so it CAN be concidered as wave 2. Also, looking at the past, BTC had a lot of "wiered" wave 1-2 formations so till no proven otherwise this could be correct.
FIBS:
-Wave C of ABC(3-3-5) is exact 1:1 of wave A
-Wave 3 of 12345 is exact 1.618 (very common level) of wave 1
INDICATORS
-RSI and MACD still didn't form bearish div so according to this we can expect anoter "leg/wave" up
So, what's next?
-as I mentioned before, I believe we are currently in wave 4. As long as the price stays above 10700 levels this count is correct and we could see bounce up for final wave. Breaking 10700 would mean that this count is wrong because 10700 levels is wave 2 top and wave 4 can not bypass wave 2. Targets for wave 5 are up from previus high at 12400 area, 14100$ is 1:1 of wave 3 but I do not belive this is possible, my guess is that we could go up to 0.618 at around 13k.
feel free to comment your views!
Comment:
Here is closer view at current correction, could be forming 3-3-5 flat zig-zag again before last wave up. Bottom for this correction is, as mentioned, top of wave 2 at 11000$ levels
Comment:
Bigger picture. Full run from local bottom, also missing 5th wave (according to my count). So current 12345 formation could be 5th wave of current run.
Comment:
Possible ascending triangle on lower TF could be forming.
EW count is still valid and we could still be in wave 4.
If we look back at wave 2, it was formed in roughly 12 days. If our wave count is correct, wave 4 correction took around 13 days which could give us that we currently really are in wave 5
EW count is still valid and we could still be in wave 4.
If we look back at wave 2, it was formed in roughly 12 days. If our wave count is correct, wave 4 correction took around 13 days which could give us that we currently really are in wave 5
