BitcoinLong
2 possible counts to the end
I have 2 possible counts, the light blue one and the medium blue one.
Likely possibilities:
1. The light blue path: we have finished subwaves 1,2,3,4 and are now concluding 5 at around $8650. Validated when price goes above $7760 which invalidates possibility #2
2. The medium blue path: we have finished subwaves 1 and 2, are now on 3 to bounce off $8650 with another leg down to probably $8550. Validated when the prices bounces off the top green channel line for one more try down and bounces off $8550 through the green channel, and above $8115 (the start of the subwave)
3. The price keeps going down to near $7250 ($7350? $7450?) and bounces there.
4. The price goes below $7250. Very unlikely, but if it does pass $7250, it may freefall from there.
Opinion: In past waves, when the subwaves of a wave bounces within a channel, the wave ends when it bounces off the channel too. I think that since this last wave is following the channel so well, that possibility #1 or #2 are the most likely.
Likely possibilities:
1. The light blue path: we have finished subwaves 1,2,3,4 and are now concluding 5 at around $8650. Validated when price goes above $7760 which invalidates possibility #2
2. The medium blue path: we have finished subwaves 1 and 2, are now on 3 to bounce off $8650 with another leg down to probably $8550. Validated when the prices bounces off the top green channel line for one more try down and bounces off $8550 through the green channel, and above $8115 (the start of the subwave)
3. The price keeps going down to near $7250 ($7350? $7450?) and bounces there.
4. The price goes below $7250. Very unlikely, but if it does pass $7250, it may freefall from there.
Opinion: In past waves, when the subwaves of a wave bounces within a channel, the wave ends when it bounces off the channel too. I think that since this last wave is following the channel so well, that possibility #1 or #2 are the most likely.
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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.