A ROAD MAP TO WHERE BTC MIGHT BE HEADING TO (BEARISH THOUGHTS)
By looking to BTC on a bearish perspective we see that it might be heading to lower level forming a WXYXZ triple Elliot correction, this is not yet confirmed but when drawing a shifted pitchfork we can see that the possibility for a retracement to the 0.786 fibs from the overall structure from 3100-13900 can´t be ignored.
When measuring with a fib extension tool we can see that Y did 1:1 from 0WX, therefore applying the same rule guide set we might predict if heading to a WXYXZ type of correction at least a 1:1 extension from XYX to get the Z around 5400-5500 zone in confluence with the 0.786 fib and the median line from the fork.
This scenario is not yet clear at this moment, we are very near the fork median line, it might bounce from there and get the fuel needed for the taking off for wave 3. The possibility of a bullish scenario is not out of play at the moment and we can still be in the retracement of a sub-wave 2 from the 3rd.
My bearish perspective comes from observing big TFs where we have no bullish divergence what so ever, and bearish pressure is well noticed. I wouldn´t get surprised that we are in the way of finishing wave A bouncing from the median line for a B and follow further down with a C leg to complete the Z around mentioned targets, or at least a double bottom around golden pocket zone 7200-6900.
This bearish view will be validated if the golden pocket zone from the entire structure does not hold the price and it breakdown from there, also the bearish view is invalidated if we bounce from actual levels and gain support above $10500 before one of these possibilities is confirmed we should stay over the fence just observing how price develop itself.
When measuring with a fib extension tool we can see that Y did 1:1 from 0WX, therefore applying the same rule guide set we might predict if heading to a WXYXZ type of correction at least a 1:1 extension from XYX to get the Z around 5400-5500 zone in confluence with the 0.786 fib and the median line from the fork.
This scenario is not yet clear at this moment, we are very near the fork median line, it might bounce from there and get the fuel needed for the taking off for wave 3. The possibility of a bullish scenario is not out of play at the moment and we can still be in the retracement of a sub-wave 2 from the 3rd.
My bearish perspective comes from observing big TFs where we have no bullish divergence what so ever, and bearish pressure is well noticed. I wouldn´t get surprised that we are in the way of finishing wave A bouncing from the median line for a B and follow further down with a C leg to complete the Z around mentioned targets, or at least a double bottom around golden pocket zone 7200-6900.
This bearish view will be validated if the golden pocket zone from the entire structure does not hold the price and it breakdown from there, also the bearish view is invalidated if we bounce from actual levels and gain support above $10500 before one of these possibilities is confirmed we should stay over the fence just observing how price develop itself.