BTC - End of Year Bear Trap Reversal
Price is currently rounding the top of a B wave following a 4 Day impulse EW set.
The correction should allow for a test of the psychologically significant level of 3000. This level was tested at the reversals of EW1 and EW4 of the 2017 impulse wave set.
If price is to prove at 3000, then a reversal could complete a pattern - allowing for a strong recovery and the close of the bear trap.
The blue box indicates the source of the blue bar pattern used to predict the right shoulder of the formation.
The date and price range from the initial drop (white box) was copied and placed on christmas eve at $3000. This resulted in a predicted price movement to 5800 by early January
For of the driving forces behind this move, please see the attached TA.
If this bear trap was coordinated, it follows that it will likely complete within psychologically significant price and date ranges.
This is why I am looking at the significant level of 3000, as well as Christmas and New Years day.
By structuring the manipulation around these dates and this price level, the market movers would benefit from both the emotional energy of the public, as well as the specificity required to coordinate and move the market together.
This would explain the recent higher high, which could have been a short squeeze conducted by those who know that 3K will be tested around the end of the year. Allowing them to position themselves with a strong short entry.
The Blue wave is drawn from the 5 EW impulse set, which is indicated by the blue lines and numbers (Blue goes with blue). You can see that the frequency of this blue wave approximately matches the frequency of the 5 impulse waves.
The ABC corrective EW set is drawn in purple, and the purple sine wave synchronizes with this.
Finally the yellow sine wave incorporates the whole move, from trough to peak.
The vertical lines indicate points of synchronization of two or more waves. When the blue vertical line is next to the purple line at the 0 EW, this lines up with the trough of both the blue and purple waves. The yellow and blue lines lines are together at EW 5 wave because both the yellow and blue sine waves are at a peak there. The blue and purple sine waves are both at a peak at the current point in time, which I've estimated to be an extended B wave, and so the blue and purple vertical lines are together here.
The one time all three lines are synchronized is indicated by all three vertical lines being together on the 26th, when all three waves are at their lowest point. This is predicted to be the approximate timing of the bottom at 3K.
TL;DR: blue wave = blue 1-5 EW set. Purple wave = purple ABC EW set. Yellow wave = entire bull run. Vertical lines = points of synchrony