As we all can see, the BTC price try to revive from the previous dip. However, each time it fails to overcome the situation.
according to the chart there was a correction which had started its way from the top (64854 $).
After reaching the 30k, BTC try to consolidate around this price, due to the existence of bears and bulls supply zones. in this regard, a classic pennant was created. From Elliott point of view it is a contracting triangle pattern which created as wave 4 for the larger fractal.
After the breakout from the bottom of the triangle the possibility of a larger Zigzag pattern has become strong.
A zigzag pattern generally consist of A: motive pattern - B: corrective pattern - C: motive pattern.
now we are in the A wave. the last part of this wave which is evidently an impulse structure is a 5th extension impulse according to Neowave theory.
Check the chart for more information.
It's not a financial advice.
DYOR
according to the chart there was a correction which had started its way from the top (64854 $).
After reaching the 30k, BTC try to consolidate around this price, due to the existence of bears and bulls supply zones. in this regard, a classic pennant was created. From Elliott point of view it is a contracting triangle pattern which created as wave 4 for the larger fractal.
After the breakout from the bottom of the triangle the possibility of a larger Zigzag pattern has become strong.
A zigzag pattern generally consist of A: motive pattern - B: corrective pattern - C: motive pattern.
now we are in the A wave. the last part of this wave which is evidently an impulse structure is a 5th extension impulse according to Neowave theory.
Check the chart for more information.
It's not a financial advice.
DYOR
Comment:
the target of the down trend are still valid due to the potential dip.
