What if we are in the middle of wave 3 already?
My previous idea showed a possible jump back up to 48k from 43k as the bullish scenario. But my initial thought and the one that looks more and more likely was that wave 2 was a sneaky move to the .5 fib directly after the massive fallout on Sep 7, and that we are now in the middle of the big wave 3 downward.
It is possible to have extremely short waves time-wise, yes? I think what matters is the price action itself which comprises the waves.
One indication this may be the case is the level of wild swings we are experiencing. We've been falling, pumping through resistance zones and then dumping much, much harder in an expanding range. The 1hr 200ema just got re-tested and re-jected. This was not how I imagined the price action would go right before creating the next swing low.
Another reason this theory may make sense is that so many people are still so bullish. They keep buying what they believe is the bottom of the correction before a pump higher. Btc could be roping in as many longs as possible before another major fall. Either that or it's accumulation before a move back up. I won't rule out either scenario but let's entertain the downside one right now.
Since wave 2 was comprised of short and verical price action after the wick on that massive dump, wave 4 is likely to be a long and flat correction. Let me know what other EW rules should occur here and if this looks like a valid count to you.
Does this theory make sense to you, or do you feel more confident in a return to the upper 40s? Why exactly ARE we dumping right now - and WHO is doing the dumping? There appear to be lots of bullish metrics still intact in the background, such as whales continuing to buy more btc. My question is, who are these even more powerful players who keep selling right back into the whales each time they initiate a pump, and what is their end goal?
It is possible to have extremely short waves time-wise, yes? I think what matters is the price action itself which comprises the waves.
One indication this may be the case is the level of wild swings we are experiencing. We've been falling, pumping through resistance zones and then dumping much, much harder in an expanding range. The 1hr 200ema just got re-tested and re-jected. This was not how I imagined the price action would go right before creating the next swing low.
Another reason this theory may make sense is that so many people are still so bullish. They keep buying what they believe is the bottom of the correction before a pump higher. Btc could be roping in as many longs as possible before another major fall. Either that or it's accumulation before a move back up. I won't rule out either scenario but let's entertain the downside one right now.
Since wave 2 was comprised of short and verical price action after the wick on that massive dump, wave 4 is likely to be a long and flat correction. Let me know what other EW rules should occur here and if this looks like a valid count to you.
Does this theory make sense to you, or do you feel more confident in a return to the upper 40s? Why exactly ARE we dumping right now - and WHO is doing the dumping? There appear to be lots of bullish metrics still intact in the background, such as whales continuing to buy more btc. My question is, who are these even more powerful players who keep selling right back into the whales each time they initiate a pump, and what is their end goal?