Hi Traders, Bitcoin has been a pretty dead market for investors in the past few months. However, the current market structure looks interesting as BTCUSD is building momentum for a big move.
The chart above shows that Bitcoin's recent decline unfolded as a triple zigzag pattern. Wave z retested the wedge support line + strong demand zone.
We might see huge buying activities at this zone and the breakout of the descending trendline could lead to a major trend reversal.
What's your view on Bitcoin? Let me know in the comment. Thanks for reading!
The pink i is not an impulse wave. And again, the (i) is also not an impulse waves. Both have abc subwaves.
It is a big abc to your (i) pivot.
The (i) and (ii) could maintain their numbers if they were the start of a huge rising wedge.
But you cannot escape that in the beginning, those are abc subwaves.
If BTC goes up, you will feel justified, but in the long run it will mess you up.
Veejahbee
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@gz1968, Hi, thanks for your contribution. Everything is not crystal clear now and I've alternatives that put the three-wave moves in perspective.
I agreed that price might be making a leading diagonal (rising wedge) as well. We will just have to see how the price unfolds in the weeks ahead.
It is a big abc to your (i) pivot.
The (i) and (ii) could maintain their numbers if they were the start of a huge rising wedge.
But you cannot escape that in the beginning, those are abc subwaves.
If BTC goes up, you will feel justified, but in the long run it will mess you up.