Bitcoin might be making a leading diagonal up. On 2 h time frame it looks like we have completed a zigzag as a potential wave 4 of a diagonal.
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Potential zigzag finished
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Ending diagonal as c wave
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Have we entered a long term Bear market. ?Perhaps but still it is possible that we are in the final stages of a wave 4. ( expanded flat)The c wave should unfold as an ending diagonal. It appers that wave 1 was zigzag. Wave 3 could be counted as a double zigzag. We should now have 4 that should overlap end of wave 1. Wave 5 should infold as a zigzag and should be shorter the w 3. If we go lower without s Big bounce this is not a wave 4 but a wave 2 Bear market
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Also possible that we have finished a wxy as wave 4 like this.
we have bullish divergence on the Daily timeframe so we should at least get a serious bounce. No divergence on the weekly timeframe however so not a clear picture if we could get a real reversal
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Looks like we get one more wave towards 23 k. Before bounce or possible reversal
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Question is. Are we in a c wave Down to 23k the red count. Or is this a more bearish 5 wave decline with a wave 3 Down to 20.8k the yellow count? If yellow count plays out we must be in the beginning of a deep wave 2.
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5 waves Down could be in. Looks like we dig 5 waves up then a correction and now it seems to be building up a leadin diagonal as wave 1 of a 3 rd wave up or wave a of a zigzag up.
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Looks like we have begun next wave Down
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We might have finished 5 downs so we get a bigger bounce up or a reversal
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Picture getting clearer. A wave = 5 waves. Then a triangle and then wave 1 and 2 of c wave up
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Its possible that it was the bottom and the 4 th wave was a 3-3-3 structure wxy in a shape of a flat. If you look at the weekly we are at bottom of a Channel. If it is a reversal we Will have a 5 th wave up possibly to 108. Same structure on eth. On ripple a zigzag on the weekly seems complete. We Will see
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Looking for a bullish setup on small tf to support the weekly chart above. Since the triangle was invalidated i am looking if we get an exp flat with c wave as an ENding diagonal.
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We could be making a leading diagonal here or a wxy up
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Update
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Looks weak. Not sure we get a y wave up.atm we have a completed zigzag up. That might be it. We might get this wave Down. Sorry by all the Lines but note the blue count. In this wave 2 was exp flat so a zigzag in wave 4 fits plus the current zigzag went to 0.38 fib of potential blue wave 3.
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31.7 and 28 k are key areas. Will see which of em breaks.
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Update. 21.6 area for wave blue wave 5.
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Dont Think we quite finished the 5 waves. Wave 4 should last about 4-6 days. I Think we in that wave 4 now before moving Down one more time
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Difficult to count all the small subwaves correct but I dont Think we finished. The 5 waves Down from 32 k is not a 5 th wave but a 3 rd wave within a larger 3 rd wave. Target is around 17 k for this 5 wave structure. I wil be updating on the post about bubble bursting.
