The most anticipated Correction Waves are here !!
In my previous analysis on Bitcoin (Linked below), I mentioned regarding the top of Wave 5 is near and we will be seeing the correction waves soon.
The top of Wave 5 of converging diagonal waves was at the top of my mentioned Supply Zone which was followed by Correction Wave A.
At the time being, we are in correction wave B in which a little upward retracement will be seen.
Right now, we are in correction wave B. We can either revisit ~44k followed by ~49k (50.5k max in my opinion) or we can visit ~49k from here.
Either way we will be heading downward from the top of Wave B. I am anticipating the Correction wave C to end Around 37.3k - 38k which was also shown by the path drawn in my previous analysis.
The reasons for ~38k are as follows:
Lets see what will be the next move of BTC after this correction is over.
Will it bounce from that region following its Upward trajectory or will we see another historical market Crash.
Anything around 37-38k or even 34k would be considered as Correction in my opinion, below that would be considered as Dip / Crash.
The top of Wave 5 of converging diagonal waves was at the top of my mentioned Supply Zone which was followed by Correction Wave A.
At the time being, we are in correction wave B in which a little upward retracement will be seen.
Right now, we are in correction wave B. We can either revisit ~44k followed by ~49k (50.5k max in my opinion) or we can visit ~49k from here.
Either way we will be heading downward from the top of Wave B. I am anticipating the Correction wave C to end Around 37.3k - 38k which was also shown by the path drawn in my previous analysis.
The reasons for ~38k are as follows:
- In Converging Diagonal Waves, Correction wave C usually ends where the Impulse wave 2 ends. Our impulse wave 2 closed at 37,332$.
- We are yet to see Correction Wave C
- That area is a major Demand Zone.
- Macro 0.236 Fib also lies there.
- 0.618 Fib of recent Impulse waves is in that region
Lets see what will be the next move of BTC after this correction is over.
Will it bounce from that region following its Upward trajectory or will we see another historical market Crash.
Anything around 37-38k or even 34k would be considered as Correction in my opinion, below that would be considered as Dip / Crash.
Comment:
Have a look at the Related Idea of my Converging Diagonal impulse waves as well to better understand the reasoning behind these correction waves.
