As you can see BTC is making a very manipulated move upwards on the log scale chart descending wedge. It is definitely not an impulse wave so it seems likely to me this is building a wedge to a max retracement of the 78.6 prior Wave 1 down of the C leg.
At the beginning of this rally we saw a buy wall that was never touched
We are now also seeing a nice regular...
Looking at the 4 hour RSI you can see the 9 day orange RSI resistance line.
You can also see that its about to rollover to the dark side within a corrective running flat formation
This means we are likely heading down for another ABC to the previous all time low.
A bounce at the 7300 double bottom is to be expected but expect the selling to soon continue when...
practicing WXY formations and applying the idea to BTC as it is right now.
Also a good idea to watch the possibility of a symmetrical triangle I think. Hence the extra line and ABCDE. Heikin Ashi I find useful to see the patterns more clearly. I use normal candles to watch price action.
drops from ATH to ATL
from ATL to now
1 yellow=wave 1 fibs
2 white = wave 1 projections
3 lightblue = local wave 1 in wave 3 projections (to be adjusted if bigger retrace)