BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin looks to have finished a wxy correction as a wave 2.
That would be a wave 2 of a bigger bullish 5 wave swing up. bottom is at 0.61 fibonacci log scale of wave 1.
Comment: Wxy invalidated. ongoing impulse Down instead ??. More Price action to tell for sure but alternative bearish count for ongoing impulse could be this
Comment: Possible to count 5 waves Down. If we bounce above 40 k. Bullish div on 4 hour at the moment
Comment: A diagonal may be forming. If so it vould be an ending diagonal finshing wave 4 flat, or it could be a leading diagonal of a bigger bear market.

Or we could have finished a wxy wave (double zigzag)
Comment: Short term we Can see we did a small zigzag. So far not bullish but that zigzag could turn in yo a leading diagonal. We Will see
Comment: Looks like we finished a double zigzag. It could be a wxy wave as a completed correction up. Or it could be 1,2,3 of s leading diagonal. If below blueline leading diagonal is invalidated.
Comment: Could be a bullish setup. If Recent lows hold up
Comment: Bull move or just a zigzag to 40.3 k?
Comment: bigger view. c wave target was a bit off. its around 42.200ish.
Comment: Looks like we have one more wave up to finish 5 waves on the possible c wave.
Comment: We hit c target and the mess on top could be a triangle followed by an ENding diagonal like this. If so downtrend should resume. Alt. The mess on top could be an ex flat and we are in c Down meaning we Will have further upside. The first scenario seems most likely to me
Comment: I Think its done for now. C wave is still valid. Butcif we go much higher it is probably s 3 rd wave.
Comment: Last chance for the c wave scenario. We are at a critical point now. If further upside c wave is invalidated and its a 3rd wave action. We are at intersection between 2 trendline channels.
Comment: If it breaks above Channel at 43 k its bullcase like this
Comment: If we reverse from here it could Been a zigzag sfterall we have bearish div on 4 h
Comment: Bears have stepped in in. Too early to tell if its a 4 th wave Down or resume of the downtrend to new lows. For now we are coming Down in an impulse
Comment: Nope that count was invalidated. We Got a new impulse up. Move Down was a wxy wave 2. So further upside it seems
Comment: Hmm this move up looks impulsive. It could be c wave of a flat but that would be a verylong cwave. But the bottom looks like a 3-3 move?
Comment: Move Down is best counted as a complex wxy wave. Thats my bias for now and we are in a bullish move up
Comment: Making it a second of lower degree of this move up
Comment: Leading diagonal as 1 st wave up
Comment: Was not a leading diagonal but sn ENding diagonal. We have finhed 5 waves now. After the top we finished 5 waves Down.
Comment: I think latest move up its best labelled as a zigzag like this.
Comment: looks for newest big picture count here; updates will be posted in this update


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