Will Bitcoin Create an Inverted Head and Shoulder Pattern?

Apr 12, 2022

From my point of view and my analysist, Bitcoin now still in process going to make the 5th wave if the 5th wave completed, Bitcoin will make the 1st wave back... just for an example, i've placed my 1st wave precisely at my previous wave 4 Resistance and based on elliot wave theory that the 2nd wave usually do not retrace more than 61.8%/0.168 of the wave one gains, and prices should fall in a three wave pattern... Now, if the 2nd wave does the reversal directly at 0.168 Retracement it will make a pattern... Yes, Inverted Head and Shoulder pattern you might know about it that this pattern indicates an uptrend/bullish trend... back to Elliot wave theory, Wave 3 often extends wave 1 by a ratio of 1.618, from my point of view 1.618 does not indicates that Wave 3 will do a reversal it maybe still continue its run until its stops, but in this case i use the 1.618 Extension. Going on to the 4th wave, basically the 4th wave will do the retest as wave 3 already breakout the previous resistance and wave four typically retraces less than 0.382 of wave three (Based on Elliot wave theory wave 4 Retraces between: 0.146, 0.236 and 0.382). The last wave or the 5th wave, will be at the resistance of the previous completed wave or should i say wave 1 & 2. Wave 1 & 2 support level will prevents or hold the uptrend of wave 5.

That's all guys
i'm hoping some advice from you guys cheers :)

Apr 12, 2022

Note

There's some expectation that this TA will work if the current wave 4 has not penetrated XD