According to my perspective, Bitcoin has completed a Minuette wave 1 according to my labeled nomenclature. In this update I decided to add the Suminuette count with a parallel trend channel along with the termination point of Minuette Wave (i) that occurred on the 13th of December. I also decided to include a few notifications on the chart.
Wave B in EW parlance is frowned upon. Expanded Wave B's even worse. They are considered, and I quote:
"B waves are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency(or both)", end quote.
If we look at the daily price action that occurred on December 14 where I described it as an expanded flat B wave, you will realize that it's a blow off top but not the 'orthodox/authentic' top. The candlestick resembles closely to a Gravestone Candlestick Pattern.
My interpretation of what occurred is that the surge in volatility that came out from within the forth wave low volatility trading price range was created to pull in amateurs into a bull trap. It gave the masses the impression that there would be continuation when clearly there was not. The daily price action speaks for itself. 5th waves are notorious for catching retail and or amateurs, B waves even worse, especially expanded ones.
As far as the orthodox/authentic top is, I had predicted it a little while back in this particular count. If you were to go back to a chart I posted on December 4th 2022 @ 16.25 EST titled: "Bitcoin Intra-Day 'complex' correction pattern description error", you will notice that in the comments I was asked a question by a Tradingview premium member and I responded on December 5th by saying:
"Subminuette 5 should be in the proximity of the Inverted Head & Shoulders price target near the peak of the minor wave 4 triangle within Intermediate wave 5 of Primary wave C in cycle Wave 2.
On the chart above I posted a notification on the left side indicating with an arrow precisely where the proximity of the Inverted Head & Shoulders price target near the peak of the minor wave 4 triangle within Intermediate wave 5 of Primary wave C in cycle Wave 2 is along with a dotted horizonal line. This was my forecast/prediction and it occurred.
From this point I await what will sort of pattern will transpire. Will it be my Minuette wave (ii) and then progress into Minuette Wave (iii)"To The Moon Alice" ? Time will tell! It was a pleasure, apart from TV's price discrepancies, to have entertained you in this first Minuette Wave from what I deem to be a cycle bottom since the 21st of November 2022 in Bitcoin.
Wishing you all, whether you're bull or bear, nothing less than the very best!
Wave B in EW parlance is frowned upon. Expanded Wave B's even worse. They are considered, and I quote:
"B waves are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency(or both)", end quote.
If we look at the daily price action that occurred on December 14 where I described it as an expanded flat B wave, you will realize that it's a blow off top but not the 'orthodox/authentic' top. The candlestick resembles closely to a Gravestone Candlestick Pattern.
My interpretation of what occurred is that the surge in volatility that came out from within the forth wave low volatility trading price range was created to pull in amateurs into a bull trap. It gave the masses the impression that there would be continuation when clearly there was not. The daily price action speaks for itself. 5th waves are notorious for catching retail and or amateurs, B waves even worse, especially expanded ones.
As far as the orthodox/authentic top is, I had predicted it a little while back in this particular count. If you were to go back to a chart I posted on December 4th 2022 @ 16.25 EST titled: "Bitcoin Intra-Day 'complex' correction pattern description error", you will notice that in the comments I was asked a question by a Tradingview premium member and I responded on December 5th by saying:
"Subminuette 5 should be in the proximity of the Inverted Head & Shoulders price target near the peak of the minor wave 4 triangle within Intermediate wave 5 of Primary wave C in cycle Wave 2.
On the chart above I posted a notification on the left side indicating with an arrow precisely where the proximity of the Inverted Head & Shoulders price target near the peak of the minor wave 4 triangle within Intermediate wave 5 of Primary wave C in cycle Wave 2 is along with a dotted horizonal line. This was my forecast/prediction and it occurred.
From this point I await what will sort of pattern will transpire. Will it be my Minuette wave (ii) and then progress into Minuette Wave (iii)"To The Moon Alice" ? Time will tell! It was a pleasure, apart from TV's price discrepancies, to have entertained you in this first Minuette Wave from what I deem to be a cycle bottom since the 21st of November 2022 in Bitcoin.
Wishing you all, whether you're bull or bear, nothing less than the very best!