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

WaveNerd〽️
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.