rigorocks
Short

bitcoins recent 5th wave extension a bad thing?

BINANCE:BTCUSDT   Bitcoin / TetherUS
havent done one of these in a while im doing btcusdtether on binance because it shows clearer market structure than bitfinex to me.
the recent price action we have seen with bitcoin might be a red flag with the recent extended 5th wave. (we moved too high too fast and we all know from 2018 what that can do)
as you can see on a larger degree we are in a falling wedge pattern that has us putting in a wave 4 and we are awaiting a 5th wave down. a double bottom also known as a truncated 5th wave is definitely a possibility here as we reach the apex of this wedge . that 1900 dollar target is still staring us in the face until we break out of this wedge .
the recent extended 5th wave(in yellow) has a high probability of coming back to the wave 2 (in purple)
the trend line (in green) needs to hold or the 1900 probability becomes primary target.
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