BitcoinUpdated BTC entering 5th wave?
BTC could be entering 5th wave of current cycle with conservative price target of 13k. Since wave 3 was greater than 1.62 of wave 1, wave 5 can = one of the following...
(a) wave 1
(b) wave 1 x 1.62
(c) wave 1 x2.62.
Looking for price action to also break through the 10, 50, 200 EMA to signal continued bullishness. Other indicators such MACD and CM Williams Vix Fix also signaling bottom in near future.
This could complete the overall wave 1 in BTC rally or B wave of bigger BTC correction.
(a) wave 1
(b) wave 1 x 1.62
(c) wave 1 x2.62.
Looking for price action to also break through the 10, 50, 200 EMA to signal continued bullishness. Other indicators such MACD and CM Williams Vix Fix also signaling bottom in near future.
This could complete the overall wave 1 in BTC rally or B wave of bigger BTC correction.
Note
I was wrong haha. it ended up setting up a lower low and huge descending triangle before breaking down to 3k. will keep studying and be back in 2021 with new ideas =)
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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.