BTC is printing an expanding flat (3-3-5). We can see there is a huge zone of confluence that will complete the narrative for an expanding flat.
TECHNICAL:
Purple zone: 20K support zone ( if there is a break and close below this will invalidate the Elliott wave pattern)
Green target line: the 1.27 Fib retracement of wave B
Purple trendline: current weekly trendline support
Yellow wave count: It seems that the impulse waves in this 5 wave count are contracting as we reach the completion of the expanding flat. Waves 1, 3, an 5 are contracting by ~.618
Red target line: Since wave 1/3 = 0.618 then we can assume 3/5= 0.618. Doing this places the end of wave 5 here. (I used fib extensions to find the ratio)
FUNDAMENTAL:
Mainstream has adopted that we are in a bear market which is usually the sign of the bottom. Banks are net positive (Long) on BTC according to the COT (commitment of traders). Banks are buying up retails fear.
Feel free to check out the link provided that explains the criteria for an expanding flat
https://elliottwave-forecast.com/elliottwave/elliott-wave-expand-flat-correction/
TECHNICAL:
Purple zone: 20K support zone ( if there is a break and close below this will invalidate the Elliott wave pattern)
Green target line: the 1.27 Fib retracement of wave B
Purple trendline: current weekly trendline support
Yellow wave count: It seems that the impulse waves in this 5 wave count are contracting as we reach the completion of the expanding flat. Waves 1, 3, an 5 are contracting by ~.618
Red target line: Since wave 1/3 = 0.618 then we can assume 3/5= 0.618. Doing this places the end of wave 5 here. (I used fib extensions to find the ratio)
FUNDAMENTAL:
Mainstream has adopted that we are in a bear market which is usually the sign of the bottom. Banks are net positive (Long) on BTC according to the COT (commitment of traders). Banks are buying up retails fear.
Feel free to check out the link provided that explains the criteria for an expanding flat
https://elliottwave-forecast.com/elliottwave/elliott-wave-expand-flat-correction/