BITCOIN: 3rd wave may not be finished yet!
While following up the evolution of the BITCOIN price sometimes you can realize about other scenarios that may evolve in the near future.
It is the case of the current situation.
As I explained in previous posts, BITCOIN was building a 5th wave and I was expecting a correction after ending that wave. Something like this:
...and I supposed that the end of the A-B-C correction would be very close to our Mid-Term support line in Dashed dark line (old resistance)
Having a more accurate look, I am wondering if perhaps the 5th wave is not be finished yet and so, and extended rise of the same would be expected.
As you may know, any impulsive wave can be decomposed on a 5-wave sub-cycle of a minor grade. So, if we try to count 5 valid waves within our 5th wave in progress.
Perhaps it looks a little bit messy but this is what i get as a valid 5-wave EW within an "Extended Wave in green":
In overall, the complete movement would be like the following:
...an extended 5th wave forming the 3rd wave in blue (3)... The handicap here is, if this is an extended 5th, the extension of the correction may be deeper perhaps going to re-test again the Mid-Term Support before resuming the uptrend.
REVERSAL CONDITION:
- Break the MID-TERM Resistance (Dashed-dark blue line in the chart, 7900USD). (be careful because BTC will correct immediately after) ==> THIS IS DONE with an expected correction in progress.
- Altcoins starting to grow at almost the same pace of BITCOIN does and so confirming new Fresh FIAT entering ==> Happening right now!
Enjoy Cryptoland!!!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted at TIMM