Bitcoin may end its downtrend as we head into the latter end of the WXY correction since the $48000 top on the 28th of MARCH, observing the higher time frames (right) and lower time frames (left) there is high potential for the corrective sequence to terminate very soon both time frames indicating we are very close to the end of the WXY correction, with lower time frame sub waves giving us the greatest indicator of when price can retrace. There is a confluence of fib extensions at $33,400 with the 1.382 (left) extension of the Sub Micro W wave and the 1.236 extension of the Minor W wave at that area.
Furthermore, on the lower time frame the zig zag labelled ABC to complete the overall correction may still yet to be done especially looking at the C wave relative to the A wave; it is very short and the 0.618 extension of A lies at intriguingly ~$33400 once again as reflective of the other extensions. This extreme confluence, partnered by the lower time frame sub waves of C wave shows we may have another leg down before we can expect a sharp and explosive reversal; where BTC and across the board crypto assets recover losses of the previous downtrend correction; with a conservative target being the 0.382 fib retracement which lies approximately at 39000-39500 depending on the bottom.
This will give good oppurtunity for longs and buying crypto assets as the market recovers the previous downtrend and some upside relief can be found.
Please take care and follow me for more Advanced Elliot Wave Applications!!
Furthermore, on the lower time frame the zig zag labelled ABC to complete the overall correction may still yet to be done especially looking at the C wave relative to the A wave; it is very short and the 0.618 extension of A lies at intriguingly ~$33400 once again as reflective of the other extensions. This extreme confluence, partnered by the lower time frame sub waves of C wave shows we may have another leg down before we can expect a sharp and explosive reversal; where BTC and across the board crypto assets recover losses of the previous downtrend correction; with a conservative target being the 0.382 fib retracement which lies approximately at 39000-39500 depending on the bottom.
This will give good oppurtunity for longs and buying crypto assets as the market recovers the previous downtrend and some upside relief can be found.
Please take care and follow me for more Advanced Elliot Wave Applications!!