What if we are still in a fifth wave?

15 ene 2023

There is the market observation that the BTC price has already bottomed out.
True, the solid rebound for around 21500 was reminiscent of the start of a new uptrend.
If we are already in at least a short-term one, as the bulls would believe, expecting a retracement back to 0.618 (35712), 0.786 (41214), or even 0.886 (44489) level first is convincing.

Here, however, I would like to focus on another possibility.
What if we are still in the middle of the descending fifth wave?
The Pitchfork and Gann square may indicate there are supports and resistances that such a move would fit in.
After all, unless 25200 zone is clearly exceeded, we cannot completely rule out a move toward the new low, in which case it's possibly below 14000 (9500-12500 is likely).