BitcoinEducation
Anatomy of recent price action
I will preface this by assuming the current correction is over
The moves higher and subsequent declines off the bottoms set on the 6th February and 1st April have had some obvious similarities. Both moved 5 waves higher, with an impulsive 1st wave off the bottom and a truncated exhausted 5th wave at key resistance resulting in a double top. The abc corrections have been clean 535 moves with the c wave being 61.8% of wave a and both bottoming out on the Yearly moving average and the key long-term median line.
The moves higher and subsequent declines off the bottoms set on the 6th February and 1st April have had some obvious similarities. Both moved 5 waves higher, with an impulsive 1st wave off the bottom and a truncated exhausted 5th wave at key resistance resulting in a double top. The abc corrections have been clean 535 moves with the c wave being 61.8% of wave a and both bottoming out on the Yearly moving average and the key long-term median line.
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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.