The Infamous BTC Bulls Prepare to Test Bear's Strength @ $41.9K

Small charts under 1D have been extremely choppy which has made for a ton of liquidations on both sides of the market. I myself included.

Thank heavens for risk management and stop losses.


Zooming out to the 1D chart, we can see a much clear picture and pattern at play.
The previous Leading Diagonal formation which I was expecting to play out, unfortunately has already occurred without my notice.


Being that Wave 4/1 jumped into the area of Wave 1/1's price zone.
Now that we're beyond the completion of Wave 5, we can expect the price to retest the very tip-top of Wave 1/1 (near $41.9K)
This is essentially do or die for Bitcoin Bears (and Bulls alike; without $42K - the great reset is still possible).


The current zig zag levels also point toward the $41.7K price tag.
With A = $9641 in price, we can expect corrective Wave C to be near equality.
Looking forward to seeing how this pans out. Still confident in the Big Bear :)

Comment:

Peep the Daily RSI level as it slowly creeps toward 70 (overbought) and a ton of visible resistance:

Trade active:

$3K drop coming on the flat correction for Wave 4 of C (both Waves A+C are both 5 Wave legs within a zig zag). We should test the lows of $36K before more upside.

Comment:

$36K retest nullified.

Comment:

Bulls will scream ‘breakout’.
Bears will see ‘fakeout’.

Comment:

Will we get the $800-$1000 drop back down to Wave 4?

Comment:

Final leg up for the $41.7-9 test begins now.

Comment:

This is very much an irregular Wave occurring here in Wave 5. The only pattern that fits here is an Ending Diagonal. I’m not longing in this area but will watch closely. An Ending Diagonal signifies strong directional trend change.

Comment:

Seems like we’re getting a strong reversal indicator with this Wave 5 move. If Wave 4 (of 5) finishes close but above Wave 2 + if Waves 3 & 4 are also zig zags —- we can fully expect Wave 5 to be a zig zag and the final move up before a bloody knife appears.

Comment:

Looks like we’ll get a Leading Diagonal for A Wave of the pending 3rd Zig Zag

B should retrace deep in Wave 1 of A.
A bear trap of sorts.

Trade active:

Sheesh. Issa dirty, dirty chop. The Ending Diagonal is still at play. Market seems to be looking for an exit route.

Comment:

that went south (metaphorically) real fast.
surely this isn't how an ending diagonal is supposed to work.
there must be a bigger wave pattern kicking in.
to be continued..