There is a Bearish wolfe wave setup on the Daily time frame. At TOSOPTION, 20% of the bearish setups resolve in a short squeeze. However, if this setup is 80% likely to develop downside pressure for BTC, then the projected bearish target is calculated by extending a linear line between pivot 1 and 4 and extending the line 6 months into the future. This is represented as the red perforated line, as shown in the chart. The projected target is $40,000 which is expected to reach this price target within 36 days using pivot 4 to 5 as a symmetrical reference of time. There is also a daily ttm squeeze which implies price of BTC has been contracting for a period of time and when it triggers cycle 1, the price of BTC will accelerate for the first 3 days and then continue to trend with the support of momentum. The breakout confirmation for BTC is 67465. The bullish target by end of year using fib 1.618 is $85,000.
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Free Checklist: subscribepage.io/gap_reversal_checklist
Youtube: youtube.com/@TOS_OPTION
Website: tosoption.com
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Come join our discord community!
Discord: discord.gg/b2s56tmVgC
Free Checklist: subscribepage.io/gap_reversal_checklist
Youtube: youtube.com/@TOS_OPTION
Website: tosoption.com
Discord: discord.gg/b2s56tmVgC
Free Checklist: subscribepage.io/gap_reversal_checklist
Youtube: youtube.com/@TOS_OPTION
Website: tosoption.com
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.