bitcoins recent 5th wave extension a bad thing?
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.
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.