BTC: Expect a move down to 49,600 - bearish phase start
Doing some extensive EW modelling. Based on all the evidence, we are in Wave B of a zigzag where Wave C will end at 44k.
Wave C of a zigzag is usually fast and has momentum divergence, which we already have. Therefore the next likely candidate of the next move is the 123.6% fib. This validates the original trendline that we never retested, which is BELOW the outside trendline. In this scenario, both will be tested.
Overall, I foresee a 5 impulse leg down.
Our local FLAT structure on a 15 min TF shows 161.8% retracement on wave C at near $49,600 giving a nice setup for wave 2 to set up on the impulse leg down. Both are verified by the blue dashing lines to be support and resistance areas.
Set TP at $49,600. Long into Wave 2 at $50,500 and then initiate another short. Wave 3 will be a VERY lucrative short position.
Wave C of a zigzag is usually fast and has momentum divergence, which we already have. Therefore the next likely candidate of the next move is the 123.6% fib. This validates the original trendline that we never retested, which is BELOW the outside trendline. In this scenario, both will be tested.
Overall, I foresee a 5 impulse leg down.
Our local FLAT structure on a 15 min TF shows 161.8% retracement on wave C at near $49,600 giving a nice setup for wave 2 to set up on the impulse leg down. Both are verified by the blue dashing lines to be support and resistance areas.
Set TP at $49,600. Long into Wave 2 at $50,500 and then initiate another short. Wave 3 will be a VERY lucrative short position.
Comment:
