What's going on with the BTC chart? Is the low already in? Let’s discuss.
BTC has surpassed a significant resistance level at $60,697, indicating the beginning of bullish momentum in the market. However, the chance of another drop remains high and is still my primary scenario.
Primary Scenario:
Earlier, wave (c) which we were considering to be an impulse, now has converted into an ending diagonal.
In an ending diagonal, wave 4 can overlap with the price range of wave 1 and retrace deeply. Each sub-wave of a diagonal follows a corrective pattern of a,b,c rather than 5 waves.
Wave iii will now unfold in 3 sub-waves: a, b, c. After completing the circled wave B, price should come down in circled wave C to complete the wave iii of higher degree wave (c). Similarly, waves iv and v will unfold in three waves each and will conclude the higher degree wave 4.
After completing wave 4, prices will move up in wave 5 towards the 90k level and above.
Invalidation level for this bearish scenario would be at $64,637.
Secondary Scenario:
In Secondary scenario (in blue), price will not break the recent swing low of $56.5k and will make a higher low in wave ii. Wave ii will come down in our support zone in red and will hold it as a support and the price will go up in wave iii.
Note: The support zone in red is a dynamic support zone, I can only make it fix once we get a sustained top in wave i. To check the latest & updated levels, do refer to the tradingview charts which are already shared with you all on our website.
Price will make 5 waves to the upside in i, ii, iii, iv & v as shown by the doodle in a diagonal structure. After completing this 5 waves diagonal, price will retrace in 3 waves a, b, c and will start its next leg up towards 90k and above.
Important Support Levels:
Main support levels for wave 4 are at 62.3k, 55.1k & 49.4k. These are the high time frame support zones which BTC should respect, everything else in between is just corrective noise in wave 4. Price should hold 49.4k level to keep the bullish momentum alive.
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Has BTC bottomed out already?
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What's going on with the BTC chart? Is the low already in? Let’s discuss.
BTC has surpassed a significant resistance level at $60,697, indicating the beginning of bullish momentum in the market. However, the chance of another drop remains high and is still my primary scenario.
Primary Scenario:
Earlier, wave (c) which we were considering to be an impulse, now has converted into an ending diagonal.
In an ending diagonal, wave 4 can overlap with the price range of wave 1 and retrace deeply. Each sub-wave of a diagonal follows a corrective pattern of a,b,c rather than 5 waves.
Wave iii will now unfold in 3 sub-waves: a, b, c. After completing the circled wave B, price should come down in circled wave C to complete the wave iii of higher degree wave (c). Similarly, waves iv and v will unfold in three waves each and will conclude the higher degree wave 4.
After completing wave 4, prices will move up in wave 5 towards the 90k level and above.
Invalidation level for this bearish scenario would be at $64,637.
Secondary Scenario:
In Secondary scenario (in blue), price will not break the recent swing low of $56.5k and will make a higher low in wave ii. Wave ii will come down in our support zone in red and will hold it as a support and the price will go up in wave iii.
Note: The support zone in red is a dynamic support zone, I can only make it fix once we get a sustained top in wave i. To check the latest & updated levels, do refer to the tradingview charts which are already shared with you all on our website.
Price will make 5 waves to the upside in i, ii, iii, iv & v as shown by the doodle in a diagonal structure. After completing this 5 waves diagonal, price will retrace in 3 waves a, b, c and will start its next leg up towards 90k and above.
Important Support Levels:
Main support levels for wave 4 are at 62.3k, 55.1k & 49.4k. These are the high time frame support zones which BTC should respect, everything else in between is just corrective noise in wave 4. Price should hold 49.4k level to keep the bullish momentum alive.
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If you have any doubt related to this analysis, do let me know in the comment section. I’ll do my best to guide you through it!
Thanks for reading,
Ivaavi.