Bitcoin cor-REKT-ion: 2 scenarios
Bearish scenario: It looks like we are in an ABCDE formation (we will have to look for the 3 wave zig zag patterns in the near future inside C, D, E).
Since these only appear in wave 4 of an impulse wave, or in wave B of an ABC, we have to consider the possibility, that an ending C corrective wave will come.
Taking a 100% fib extension from wave A and B we get a target of 4200, which may sound extreme, so a truncated C is definitely an option.
Bullish scenario (numbered): If we break the high of wave A of ABCDE (9150), then we will know that the scenario above is invalid, and will continue up as a 5 wave impulse. Wave 3 will then probably bump at the ATH's trendline, small retrace, then breakout.
I'd love to see some bullish action finally, but we will have to wait and see how this formation develops in the next few days.
Upvotes are greatly appreciated, I'm trying to get those 50 reputation points :)
Since these only appear in wave 4 of an impulse wave, or in wave B of an ABC, we have to consider the possibility, that an ending C corrective wave will come.
Taking a 100% fib extension from wave A and B we get a target of 4200, which may sound extreme, so a truncated C is definitely an option.
Bullish scenario (numbered): If we break the high of wave A of ABCDE (9150), then we will know that the scenario above is invalid, and will continue up as a 5 wave impulse. Wave 3 will then probably bump at the ATH's trendline, small retrace, then breakout.
I'd love to see some bullish action finally, but we will have to wait and see how this formation develops in the next few days.
Upvotes are greatly appreciated, I'm trying to get those 50 reputation points :)
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