BITCOIN - Same pattern with bigger scale
Hey Traders,
As you can see Bitcoin has been moving correctively in the last few months. Too many questions about the direction of Bitcoin. Are we gonna hit the 80k level or we are going down to the 40k level. Well, based on Elliot wave theories and based on market structure, we still have one more leg to the downside.
Technical Approach : We are in a WXY Pattern. WXY is made up of 3 waves:
Wave W = 3 waves
Wave X = 3 waves
Wave Y = 3 waves
Expecting wave Y to be a ZIGZAG pattern ( 5-3-5 ). This type of pattern is made up of 3 waves were waves A and C consists of 5 waves each, while wave B consists of 3 waves only .We are currently in subwave C of wave Y ( final leg ).
Historical Approach: We have seen the same pattern with smaller size in the beginning of the year.
Any entry from now requires a stoploss above invalidation level.
Good Luck and trade safe!
As you can see Bitcoin has been moving correctively in the last few months. Too many questions about the direction of Bitcoin. Are we gonna hit the 80k level or we are going down to the 40k level. Well, based on Elliot wave theories and based on market structure, we still have one more leg to the downside.
Technical Approach : We are in a WXY Pattern. WXY is made up of 3 waves:
Wave W = 3 waves
Wave X = 3 waves
Wave Y = 3 waves
Expecting wave Y to be a ZIGZAG pattern ( 5-3-5 ). This type of pattern is made up of 3 waves were waves A and C consists of 5 waves each, while wave B consists of 3 waves only .We are currently in subwave C of wave Y ( final leg ).
Historical Approach: We have seen the same pattern with smaller size in the beginning of the year.
Any entry from now requires a stoploss above invalidation level.
Good Luck and trade safe!
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