Not a lot of time to do a complete analysis. But I figured I'd point out BTC is at major support for a minute degree 4th wave, which I pointed out long ago (January 9, 2022) with the Tale of Two Counts weekly chart.
Momentum on the MACD is still pointing down on the larger times frames (monthly and weekly) without any signs of turning up. On the daily, the MACD could be working on a positive divergence (higher high on the MACD with a lower low in price). It is still too early to tell IMO.
The green count hit its wave iii target. It can go lower. But I wouldn't expect it to go much lower; otherwise, it's looking like red wave iii at and below $19.3k. It is important to recognize green wave iii target area has confluence of support at the purple 1.23 fib extension of green wave (a) from the top of green wave (b) as well as the .382 fib retracement of minute wave circle iii, which is a typical retrace level for a 4th wave and is now labeled yellow wave circle iv.
In conclusion, we have two counts, green wave iii (subminuette degree) and yellow circle iv (minute degree), at target support levels on different wave degrees. With two counts at or around target support (green and yellow), BTC looks ripe for a near-term bounce to test resistance at $32k. The character of the bounce (if any) will give us clues as to whether a Yellow wave circle iv bottom can be taken seriously. Yellow count needs an impulsive 5 wave move off the low to increase in probabilities. Until then, the green count remains my primary count due to the downward momentum on the larger time frames. I expect corrective and choppy action to test resistances at $32k. Although the probabilities suggest a bounce, it is not a great place to go long as two counts (green and red) still show more downside action.
THE SHARP DROP ALERT REMAINS IN EFFECT!!!!
#WavePrinciple
#NotAdvice
#GreenIsPrimary
#GoodLuck!
#ReadOtherPosts4MoreDetails
Momentum on the MACD is still pointing down on the larger times frames (monthly and weekly) without any signs of turning up. On the daily, the MACD could be working on a positive divergence (higher high on the MACD with a lower low in price). It is still too early to tell IMO.
The green count hit its wave iii target. It can go lower. But I wouldn't expect it to go much lower; otherwise, it's looking like red wave iii at and below $19.3k. It is important to recognize green wave iii target area has confluence of support at the purple 1.23 fib extension of green wave (a) from the top of green wave (b) as well as the .382 fib retracement of minute wave circle iii, which is a typical retrace level for a 4th wave and is now labeled yellow wave circle iv.
In conclusion, we have two counts, green wave iii (subminuette degree) and yellow circle iv (minute degree), at target support levels on different wave degrees. With two counts at or around target support (green and yellow), BTC looks ripe for a near-term bounce to test resistance at $32k. The character of the bounce (if any) will give us clues as to whether a Yellow wave circle iv bottom can be taken seriously. Yellow count needs an impulsive 5 wave move off the low to increase in probabilities. Until then, the green count remains my primary count due to the downward momentum on the larger time frames. I expect corrective and choppy action to test resistances at $32k. Although the probabilities suggest a bounce, it is not a great place to go long as two counts (green and red) still show more downside action.
THE SHARP DROP ALERT REMAINS IN EFFECT!!!!
#WavePrinciple
#NotAdvice
#GreenIsPrimary
#GoodLuck!
#ReadOtherPosts4MoreDetails
