(BTC) Bitcoin: Whats on the menu?
Lets take a look at LOG Scale
We can clearly see the completion of 2 legs down so far.
Will there be another leg down?
No: Counts can be 3-3-5 or 5-3-5 so far depending the way one counts but either way this would yield a complete corrective pattern so far.
Yes: If there will be another leg down the current move is expected to be 3-wave pattern like the first corrective pattern and we would now be starting the C leg up
Strechting the first corrective pattern to make it the current move so far, we can see it would exactly hit the trendline (you cant make this up really, can you?!)
Favor remains on the bulls side unless a new low would invalidate.
PA will show wether this move remains corrective or (as most would be surprised by) impulse
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
We can clearly see the completion of 2 legs down so far.
Will there be another leg down?
No: Counts can be 3-3-5 or 5-3-5 so far depending the way one counts but either way this would yield a complete corrective pattern so far.
Yes: If there will be another leg down the current move is expected to be 3-wave pattern like the first corrective pattern and we would now be starting the C leg up
Strechting the first corrective pattern to make it the current move so far, we can see it would exactly hit the trendline (you cant make this up really, can you?!)
Favor remains on the bulls side unless a new low would invalidate.
PA will show wether this move remains corrective or (as most would be surprised by) impulse
Hold my beer pls
----
No financial advice, do your own research, don't be stupid
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.