BTC Medium Timeframe Analysis

Overview:

• In this 4h analysis, I aim to support my previous idea of 'BTC Sideways Correction until the end of May'.
  
• IThe third wave has ended at 31,000, acting as an extended wave.
  
• IWe are currently in a complex fourth wave, taking the form of a WXY pattern, with the X wave forming a triangle pattern.
  

Expectations:
Upon completion of the X wave, we have two scenarios:

• The Y wave is expected to end at 26,600 (sub wave 4 level). If the price rebounds from this level, we can anticipate the completion of the complex fourth wave and the beginning of the bullish fifth wave targeting 34,000-35,000.
  
  
• However, if the price breaks the support at 26,600 and continues to fall, we should consider the following points:
  a. We might reach the next support level at 25,300, although it is currently deemed unlikely.
  b. The fifth wave could start after reaching this support level, still targeting 33,000-34,000.
  c. If the price breaks below the 25,000 support level, it could signal the end of the bullish trend, and we may need to reassess our perspective, taking into account the possibility of entering a bearish market.
  

Note:
Based on the 1W analysis and if we are indeed experiencing a bullish trend, the wave 3 might be too short to be considered complete. In this case, we could be in a 1-2,1-2 wave pattern, which will create the rest of the wave 3 and end somewhere between 34,000-36,000. To explore this idea further, check the mentioned analysis in the related ideas section below.

Keep in mind that this analysis is based on personal perspective and should not be considered as financial advice.

Comment:

Nothing changes except for a simple mistake in calculating Fibonacci levels.

check the new chart update in the comments

Comment:

Trade closed manually